Gold Has Biggest Monthly Gain in Nine Years

Source:

“The devastating attacks in India have added a new dimension to global jitters,” Jon Nadler, a senior analyst at Kitco Inc. in Montreal, said in a report.

Gold prices rose in New York, capping the biggest monthly increase in nine years, on demand for a haven following terrorist attacks in India. Platinum had the biggest weekly gain since May.

At least 124 people were killed and 370 were injured in almost 48 hours of violence as terrorists moved through Mumbai, India’s financial hub. Elements in Pakistan are responsible for the attacks, the Press Trust of Indian cited External Affairs Minister Pranab Mukherjee as saying.

“The devastating attacks in India have added a new dimension to global jitters,” Jon Nadler, a senior analyst at Kitco Inc. in Montreal, said in a report.

Gold futures for February delivery rose $7.70, or 0.9 percent, to $819 an ounce on the Comex division of the New York Mercantile Exchange. This month, the price rose 14 percent, the most since September 1999. In the week, the metal climbed 3.4 percent. Futures still are down 2.3 percent in 2008.

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