Gold climbs after oil rises, dollar sinks 

Debarati Roy and Thomas Kutty Abraham
Reuters
Monday November 19, 2007

Gold bounced back on Monday as firm crude oil prices fanned inflationary fears, which, combined with a slide in the dollar's strength, helped lure investors back to buying the precious metal.

-- Spot gold <XAU=> stood at $791.50/792.30 an ounce as of 0112 GMT, versus $784.80/$785.50 in late New York.

-- The most active gold futures contract for October 2008 delivery <0#JAU:> on Tokyo Commodity Exchange stood at 2,851 yen a gram, up 25 yen, or 0.9 percent, from Friday.

-- The dollar fell against the euro as concerns about the U.S. housing sector and fears of credit-linked losses at financial institutions spreading to the broader economy prompted investors to shun the U.S. currency.

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-- The euro climbed 0.2 percent to $1.4685 <EUR=>, crawling towards an all-time high of $1.4753 hit last week.

-- NYMEX crude for January delivery <CLc1> rose 59 cents to $94.43 a barrel in Globex electronic trading in early Asian trade, adding to Friday's gains of $1.67, after comments from OPEC members at a weekend summit.

-- OPEC members Iran and Bahrain said at the summit that ended on Sunday that the price of oil remains undervalued, helping to lift oil prices. [ID:nL18446547]

-- Anglo Platinum, the world's biggest platinum producer, cut this year's output forecast on Friday to between 2.45 and 2.5 million ounces of refined platinum, sending its share price tumbling. [ID:nL16866717]

Full article here.

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