4/30/2011 04:52:00 PM
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MCX Commodity News
Gold approached $1,570 an ounce, extending a rally to a record, on bets that the dollar will extend a slump, enhancing the allure of the metal as a store of value. Silver posted for the biggest monthly gain in 28 years.
The greenback headed for the fifth consecutive monthly decline against a basket of six major currencies. The Federal Reserve signaled this week that borrowing costs will remain at a record low for an extended period. Gold capped the biggest monthly gain since November 2009.
Gold futures for June delivery rose $25.20, or 1.6 percent, to settle at $1,556.40 at 1:42 p.m. on the Comex in New York, the biggest gain since Jan. 28. After the settlement, the metal reached a record $1,569.80. The price surged 8.1 percent in April and advanced 3.5 percent this week, the most since February 2010. Gold for immediate delivery climbed as much as 2.2 percent to an all-time high of $1,569.32.
Gold futures for June delivery rose $25.20, or 1.6 percent, to settle at $1,556.40 at 1:42 p.m. on the Comex in New York, the biggest gain since Jan. 28. After the settlement, the metal reached a record $1,569.80. The price surged 8.1 percent in April and advanced 3.5 percent this week, the most since February 2010. Gold for immediate delivery climbed as much as 2.2 percent to an all-time high of $1,569.32.Gold has climbed 33 percent in the past year, and silver has more than doubled.
In New Yourk Oil & Gold at higher
Oil and gold closed for the week Friday on a higher note while silver recorded the highest in 28 years. Brent crude for June rose 87 cents to settle at $125.89 a barrel, gaining 7.3 percent for the month, touching a 2011 high of $127.02 on April 11.
Light sweet crude for June delivery closed at $113.93 a barrel on the New York Mercantile Exchange while gold futures for June delivery rose $25.20, or 1.6 per cent, to settle at $1,556.40. Silver posted for the biggest monthly gain in 28 years. Spot silver, which has rocketed nearly 60 percent so far this year, rose 1.5 percent to $48.49 an ounce, having earlier hit a record $49.51 an ounce.
Brent crude for June rose 87 cents to settle at $125.89 a barrel, gaining 7.3 percent for the month, touching a 2011 high of $127.02 on April 11.
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