Gold Futures Gain as Dollar Weakens, Price of Oil Climbs
Source: MarketWatch, Kate Gibson (5/12/09)
"Gold futures climbed to $920 an ounce on Tuesday. . ."
Gold for June delivery rose $6.50, or 0.7%, to $920.00 an ounce on the New York Mercantile Exchange.
The dollar index, which measures the greenback against a basket of half a dozen other major currencies, was recently flat.
In recent trade, crude-oil futures slipped 34 cents to $58.16 a barrel, after touching a six-month high of $60.08 a barrel earlier on.
"The entire commodities complex drew an early lift from news that China's infrastructure and industrial development expanded more than 30% in the first four months of the year versus the same period in 2008," said D.J. Beil, an equity strategist at Jefferies & Co.
"Copper has had a pretty significant rally given what you're seeing out of the stockpiling from emerging market economies. If I were China, I'd take every advantage in price weakness in commodities because I know demand is only going to increase," the analyst said.
Tuesday's trade had copper for July delivery gaining 0.1% to $2.0915 a pound on the Comex division of the NYME.
On Monday, gold fell 0.2% to 913.50 an ounce, a pause after having risen 3% last week.