26
June
Gold rises above $940/oz on firm oil, ETF eases
26 June 2009 Reuters
Reuters via NineMSN
Gold prices edged above $940 to a one-week high on Friday as firmer oil prices supported bullion's appeal as a potential hedge against oil-led inflation.
The precious metal has gained about 1 percent this week after touching a six-week low on Tuesday, a point traders said was a consolidation level.
Gold's upside may be tested next week as sentiment has improved, with the dollar losing its upward momentum and commodities rising, while there are still fears that inflation will continue, traders said.
