Gold and silver futures jumped to five-week highs
as stalling U.S. retail sales revived speculation that a sputtering
economy will spur the Federal Reserve to delay raising interest rates.
Gold futures for June delivery rose 2.2 percent to
settle at $1,218.20 an ounce at 2:02 p.m. on the Comex in New York.
Earlier, the price reached $1,218.50, the highest for a most-active
contract since April 6. The dollar dropped to a 15-week low against a
basket of 10 currencies.
The metal climbed this week as rising energy costs
stoked inflation concerns. Crude-oil futures in New York have jumped 44
percent from a six-year low in March. Gold has traditionally been used
as a hedge against accelerating consumer prices.
Source: Bloomberg
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