Gold rises on inflationary expectations
17:12, 21 July 2012
CHICAGO. July 21. KAZINFORM Gold futures on the COMEX division of the New York Mercantile Exchange further hiked on Friday, as sharp rise in agriculture prices has triggered concerns over global inflation, Xinhua said.
The most active gold contract for August delivery edged up 2.4 dollars, or 0.15 percent, to settle at 1,582.8 dollars per ounce.
Friday's settlement marked two straight days of gains for the metal, although gold still closed down 0.6 percent for the week.
Market analysts said that prices of grains futures rose on Friday amid the worst drought in the U.S. in decades and expectations of significant lower yields for corn and other grains. Livestock prices also hiked this week, leading to talks of food price increases and inflation.
Silver for September delivery rose 7.5 cents, or 0.31 percent, to close at 27.302 dollars per ounce. Platinum for October delivery declined 8.6 dollars, or 0.6 percent, to close at 1,414.5 dollars per ounce.