Capital Gold Group Report: Gold Rises, Heading for Second Weekly Gain; Silver Advances

By J. Ryman on August 29, 2008 10:14 AM |

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By Pham-Duy Nguyen

Aug. 29 (Bloomberg) -- Gold rose, heading for a second straight weekly gain, as energy costs gained, reviving demand for the metal as a hedge against inflation. Silver also gained.

Crude-oil prices are higher this week, after advancing last week, amid concern hurricanes will disrupt U.S. petroleum production in the Gulf of Mexico. Gold reached a record in March as oil rose toward all-time highs in July.

``If the hurricane does head into the Gulf and cause damage, that would definitely support gold,'' said Tom Hartmann, a commodity analyst at Altavista Worldwide Trading Inc. in Mission Viejo, California. . .



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This page contains a single entry by J. Ryman published on August 29, 2008 10:14 AM.

Capital Gold Group Report: World's Largest Gold Refiner Runs Out of Krugerrands was the previous entry in this blog.

Spot Gold up 25.10% in last 365 days is the next entry in this blog.

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