gold hits 1 month high 406

http://www.sfgate.com/cgi-bin/article.cgi?f=/news/archive/2004/08/17/financial1738EDT0299.DTL

Gold futures hit one-month high

Tuesday, August 17, 2004


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(08-17) 14:38 PDT (AP) --

NEW YORK (Dow Jones/AP) -- Gold futures charged to a one-month high Tuesday on the back of buying spurred by the record the oil price and continued softness in the U.S. dollar.

The most-active December contract settled $1.50 higher at $406.70 per ounce on the Comex division of the New York Mercantile Exchange .

David Meger, metals analyst at Alaron Trading Corp., said that the recent push higher in gold prices from below the $400 level late last week to the current high has drawn renewed fund interest.

"The recent strong performance itself has made gold attractive recently," he said.

With terrorist concerns and high energy prices likely to persist over the near to medium term, further gains are likely over the near term "unless a strong dollar rally gets in the way," Meger said.