Gold News & Info

Source:Bill Musgrave, American Gold Exchange

Austin— Gold rose for a second session, adding 0.3% to close above $1,249 as rebounding oil and a rising yen boosted demand for alternative assets.

Oil prices bounced as much as 2% higher before settling back with a daily gain of 0.5% after U.S. crude supplies declined for a second week. Lingering worries about global overproduction pressured earlier gains. Gold often trades in sympathy with oil as a hedge against energy-related inflation.

The dollar fell against the yen after Japan upgraded its economic outlook for the first time since December, as increases in capital investment and consumer spending are fueling stronger growth. The buck was little changed against other major rivals.

The other precious metals were mostly higher, with silver and palladium gaining 0.8% and 0.5%, respectively, while platinum dipped 0.2%.

At the Comex close: August gold picked up $3.60, to $1,249.40; July silver rose 14 cents to $16.51; July platinum dipped $1.40 to $925.60; and September palladium rose $4.05 to $880.50 an ounce.