Sponsored by Digital Look Events

Commodities: Gold rises on inflation concerns

News for Spread Betters

PreviousPrevious
NextNext

There's a new Investor Edition of CMC Markets' spread betting platform... and it's exclusive to DigitalLook.com users...

Get full details about Marketmaker:Investor Edition here. Advertisement

Date: Friday 22 Feb 2008

LONDON (ShareCast) - Gold hit new record highs as inflationary concerns and the weak dollar helped the commodity.

It finished the session up $11.00 to $948.70 an ounce and had at one stage surged to new intra-days highs of $958.40 before slipping lower as oil prices began to fall.

Crude prices fell $1.47 to $98.23 a barrel as US supplies rose.

There was a 4.2m barrel increase in crude stockpiles last week, which was nearly double the amount forecasted.

Gasoline stocks rose to 1.1m barrels to a 14-year high of 230.3m barrels.