Gold Rises for Second Day as Oil Rally Spurs Inflation Concerns

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Gold Rises for Second Day as Oil Rally Spurs Inflation Concerns

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PT. Equityworld Futures – Gold futures rose for the second straight day as higher energy costs added to speculation that U.S. inflation will start to pick up, reviving demand for the precious metal as a store of value.

Crude oil in New York rose above $60 a barrel for the first time since December. In April, the price soared 25 percent, the most since May 2009, on signs the U.S. supply glut is easing. Investors who in December were unloading gold and bracing for deflation are now stepping up bets that inflation is returning. The dollar’s rally has stalled, and American wages are rising.

Holdings in exchange-traded funds backed by gold are rebounding, and speculators are getting more bullish. The metal has gained 4.5 percent from this year’s low in March as investors weigh expectations for higher consumer costs against signs that the Federal Reserve is getting closer to raising interest rates.

Gold futures for June delivery rose 0.5 percent to settle at $1,193.20 an ounce at 1:53 p.m. on the Comex in New York. On Monday, the price climbed 1 percent, the most in a week.

Sumber : ewfpro.com

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