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Gold up 1 pct on dollar, Tokyo hits 25-year peak

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Lewa Pardomuan

Tuesday, July 22, 2008

Gold jumped more than 1 percent on Tuesday as uncertainties in the U.S. financial system lingered, making the metal a more attractive alternative investment, while fund buying pushed up Tokyo futures to a near 25-year high.

Platinum rebounded after tumbling to its lowest level in more than two months as the industrial sector took advantage of cheaper prices to buy again. Silver and palladium also firmed.

Gold rose to $972.10/973.10 an ounce from $961.75/963.15 an ounce late in New York on Monday — not far from a four-month high of $987.75 hit last week.

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Gold hit a record high of $1,030.80 an ounce in March.

Physical buying was limited as jewellers waited for clues from the energy market after oil slipped from this month’s all-time peak above $147 a barrel, dealers said.

“It should be a quiet month for the physical market. The Europeans are mostly out for summer holidays but (gold) looks pretty strong,” said Beh Hsia Wah, a dealer at United Overseas Bank in Singapore.

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This article was posted: Tuesday, July 22, 2008 at 3:55 am

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