Arab Today, arab today gold leaps ahead its biggest gain of the year
Last Updated : GMT 15:30:01
Arab Today, arab today
Arab Today, arab today

Gold leaps ahead, its biggest gain of the year

Arab Today, arab today

Arab Today, arab today Gold leaps ahead, its biggest gain of the year

New York - SPA

Gold prices rose by more than 3 percent Monday, their biggest gain of the year, AP reported. The move was driven by demand from Asia, as well as investors betting that the Federal Reserve will continue its intervention in the U.S. economy, analysts said. Gold for December delivery jumped $43.30 to $1,337.30 per ounce. Gold prices fell for much of the spring as investors betted that the central bank was close to ending its economic stimulus programs. That changed last week after comments from Fed Chairman Ben Bernanke made them think otherwise. Monday marked the third day in a row of higher gold prices. \"Bernanke\'s clarity last week echoed with Asian buyers,\" Peter Hug of Kitco Metals wrote in a report Monday. Though the Fed programs are meant to boost the economy, they also make investors worry about inflation - and that makes many of them buy gold as an alternative. The dollar fell against other major currencies around the world. Since gold is sold in dollars, a cheaper dollar makes gold less expensive as well. The gain in gold also boosted the stocks of mining companies like Newmont Mining, which rose nearly 6 percent, and Kinross Gold, which climbed more than 8 percent. Silver, which tends to move in the same direction as gold but is often more volatile, rose by an even bigger percentage. It jumped 5 percent, up $1.049 to $20.509 per ounce. Copper and platinum both rose more than 1 percent. September copper was up 4.5 cents to $3.185 per pound. October platinum rose $16.80 to $1,448 per ounce. September palladium edged up 70 cents to $750.45 per ounce.

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