Gold Ticks Higher In Europe; Weaker Oil Weighs

Source:

According to Reuters, spot gold hit an intraday high of $629.00 an ounce and was at $628.50/629.50 by 1059 GMT, against $628.00/629.00 in New York late on Thursday.

Gold inched higher today after trading in a tight $3-an-ounce range, but traders said weaker oil prices might drag down the metal in the near term.

Spot gold hit an intraday high of $629.00 an ounce and was at $628.50/629.50 by 1059 GMT, against $628.00/629.00 in New York late on Thursday....

Oil prices stayed weak at just above $50 after sliding below that level a day earlier to a 20-month low due to a sharp increase in crude supplies in the United States.

A drop in oil prices reduces gold's appeal as a hedge against inflation.

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