NXG/NGX Gold, silver, copper futures rally to multi-week highs -
Weak dollar, strong oil prices, China growth all boost prices -
Jul 20, 2007
SAN FRANCISCO -- Gold futures closed at their highest level
in more than two months Friday to finish the week -
with a gain of nearly 3% -
buoyed by a weak dollar and strong oil prices.
Copper futures also rose above a two-month high -
while silver futures finished at their highest level -
since mid-June.
"Physical demand [for gold] this year is now seeing investment
demand for gold jumping strongly on the back of a buckling
buck and a surging oil price,"
said analyst Julian Phillips.
Gold for August delivery gained $6.60 to close at $684.70
an ounce on the New York Mercantile Exchange.
It climbed as high as $687, the contract's highest level
since May 9, and finished $17.40, or 2.6%,
above its close a week ago.
"Gold is gaining strength on the U.S. dollar's continued
weakness, safe-haven buying -
due to the subprime-mortgage problems,
and the continuing strength in the wider commodity markets,"
said Gold & Silver Investments Ltd. director Mark O'Byrne
in a research note.
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Gold Mine Safety? -
Lowest Gold cost producer in the industry -
Imo. Tia.
God Bless
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