Gold Up Sharply Ahead of Bernanke, Bush Speeches

Source:

...the 415 point rise in the Nikkei average in Tokyo last night and the anticipation about today's crisis combat measures were likely the most proximate causes of sudden buoyancy in bullion values at this juncture," said Jon Nadler, metals analyst at Kitco Bullion Dealers.

Gold and other metals futures rose sharply early Friday, boosted by expectations that Federal Reserve Chairman Ben Bernanke and President Bush will offer a rescue plan for troubled credit markets.

Gold for December delivery rose $8.30 at $682.20 an ounce on the New York Mercantile Exchange.

"News of a strike at the Lihir mine in Papua New Guinea along with a decline in the U.S. dollar lifted gold prices overnight," said Jon Nadler, metals analyst at Kitco Bullion Dealers, in emailed comments.

"However, the 415 point rise in the Nikkei average in Tokyo last night and the anticipation about today's crisis combat measures were likely the most proximate causes of sudden buoyancy in bullion values at this juncture," Nadler said.

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