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Gold Surges As Oil Peaks, Dollar Falls LAUREN VILLAGRAN Gold prices surged Monday as sharply rising oil prices and a falling dollar sparked concerns about inflation, prompting investors to seek the relative safety of precious metals. The commodities markets advanced broadly. Precious and industrial metals prices rose as the energy market heated up. Agriculture futures were mixed at midday. Gold prices surged as investors scrambled to the traditional haven against a sinking U.S. dollar and rising oil prices. The greenback approached its all-time low of $1.4282 against the euro, while crude oil prices soared above $86 a barrel for the first time. Investors will often shift funds to precious metals to allay concerns about the dollar's weakness, or to hedge against inflationary signs such as high oil prices. December gold gained $8.40 to settle at $762.20 an ounce on the New York Mercantile Exchange. Late Monday, the 13-nation euro bought $1.42.
(Article continues below) Nymex silver futures, which are often more volatile than gold, gave up early gains to settle down 4.8 cents at $13.855 an ounce. Energy prices rose on a combination of supply concerns and news that Turkey may make a military strike against Kurdish rebels in northern Iraq. Light, sweet crude for November delivery jumped $2.44 to $86.13 a barrel, a record settlement price. The contract traded at a peak $86.22 a barrel in earlier trading.
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