Gold Rises to Three-Month High as Dollar Weakens; Silver Gains
2012-02-23 14:52:02.133 GMT
By Debarati Roy
Feb. 23 (Bloomberg) -- Gold climbed to a three-month high in New York as the dollar weakened, spurring demand for the precious metal as an alternative investment. Silver jumped to a 15-week high.
The dollar dropped against a basket of currencies as a report showed German business confidence rose to the highest level in seven months in February and a separate report said the number of Americans filing first-time claims for unemployment insurance payments last week held at a four-year low.
“Strong economic numbers out of the U.S. and Germany are pushing the dollar down and helping gold,” Michael A. Gayed, the chief investment strategist who helps oversee $150 million at New York-based Pension Partners LLC, said in a telephone interview. “Some investors expect inflationary pressure as the U.S. economy improves.”
Gold futures for April delivery gained 0.2 percent to
$1,774.30 an ounce at 9:45 a.m. on the Comex in New York.
Earlier, it touched $1,786.50, the highest for a most-active contract since Nov. 15.
Silver futures for May delivery advanced 1.1 percent to
$34.70 an ounce, after climbing to $35.055, the highest since Nov. 9.
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--With assistance from Claudia Carpenter in London. Editors:
Thomas Galatola, Millie Munshi