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Gold and Oil Rally Higher on Inflation Hedge

Commodities / Gold & Silver Dec 07, 2007 - 10:37 AM GMT

By: Mike_Clark

Commodities Gold
Gold was up $4.10 to $801.30 per ounce in New York yesterday and silver was up 14 cents to $14.44 per ounce. Gold has drifted sideways in Asian and early European trading and is trading at $801.50/802.00 per ounce at 1200 GMT. Gold was also up in pounds sterling and euro to £394 GBP (up from £389) and €547 EUR (up from €541).


il surged to back above $90 a barrel and gold's inflation hedge credentials are leading to it being well supported at these levels. Also, the gold mining stock indices showed strength yesterday (the XAU was up 2% and the HUI was up 2.46% yesterday) and this may be a harbinger that gold is oversold and likely to consolidate and move higher from these levels.

Silver
Silver is trading at $14.55/60 at 1200 GMT.

PGMs

Platinum was trading at $1455/1460 (1200 GMT).
Spot palladium was trading at $344/350 an ounce (1200 GMT).

Oil
World oil prices surged to back above $90 a barrel and have remained there is Asian and European trading.

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