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A rise in oil prices caused demand and prices for gold to shoot up today.
A rise in oil prices caused demand and prices for gold to shoot up today. The precious metal rose above $1,300 an ounce, Bloomberg reported.
Gold futures for December delivery advanced $22.38 to hit $1,316.60 an ounce on the Comex in New York. Gold prices hit $1,325 an ounce earlier today – the highest level seen for the metal since June 20. On the London Metal Exchange, gold prices also rose to $1,316.79 — an increase of $21.07 from the previous session.
Recent news that the U.S. Federal Reserve may maintain its stimulus program has also helped gold prices, Bloomberg reported.
Declines in the U.S. dollar, stop-loss orders and high frequency program trading also boosted the metal today, Forbes reported.
