Friday, February 08, 2008 2:46:40 PM – Gold closed higher on Friday in U.S. trading, adding to the gains from the two previous sessions. April gold finished at $922.30 an ounce, up $12.30 on the day. The precious metal reached as high as $924.50, as the U.S. dollar saw weakness against most of its major counterparts.
Bullion added $9 an ounce on Thursday amid some choppy trading. The metal snapped a six-session losing streak on Wednesday, rising by $14.70 and moving back above the $900 mark. The metal plunged on Tuesday in U.S. trading and closed below $900 an ounce for the first time in more than two weeks. April-dated gold finished at $890.30, down $19.10 on the session. Prices slipped as low as $888.40 in the early going, gold’s lowest level since Jan. 23. Gold dropped on Monday in U.S. trading amid some profit-taking after last week’s recent rate cut-led rally.
Gold’s hedge value received a boost from a sharp rise in oil prices. Prices have been pushed higher after Royal Dutch Shell’s announcement that it is halting output by 130,000 barrels a day because of a pipeline leak.
Tags: dollar bear market, four digit gold, gold, gold bull market, gold consolidation, gold demand, gold futures, Gold Group, gold investments, gold prices, inflation, New York Mercantile Exchange, platinum, precious metals, silver investments, U.S. Recession
