Gold Futures Rise; Dollar Mixed
Gold prices were rising Monday as the cost of crude oil headed higher.
Benchmark gold futures were up $14.60 at $927.80 an ounce in recent action on the Comex division of the New York Mercantile Exchange. The
iShares Comex Gold Trust
(IAU) - Get Report
and the
streetTracks Gold Shares
(GLD) - Get Report
were both rising about 0.5%.
Some investors buy bullion as a long-term hedge against inflation. So when crude prices rise -- recently up more than $2 to nearly $109 a barrel -- gold tends to move higher also, because over time oil is seen as a key driver of inflation.
Gold Is Going to $750 |
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Shares of miner
Randgold Resources
(GOLD) - Get Report
and
Yamana Gold
(AUY) - Get Report
were both ahead by more than 2% in early action.
In currencies, one euro was buying $1.5723, up slightly from $1.5719 late last week. The dollar was worth 102.46 Japanese yen, up from 101.74 yen Friday. The British pound was trading for $1.9895, down slightly from $1.9912.
The currency exchange-traded funds,
CurrencyShares Euro Trust
(FXE) - Get Report
,
CurrencyShares Japanese Yen Trust
(FXY) - Get Report
and
CurrencyShares British Pound Sterling
(FXB) - Get Report
, were little changed.