Reply #12: Gold Advances in London as Crude Trades Higher, Dollar Weakens

[ozymandius]

July 9 (Bloomberg) -- Gold rose for the first time in five days in London as oil advanced and the dollar declined against the euro, bolstering demand for the metal as a hedge against a weaker U.S. currency and faster inflation.

Crude oil, which has climbed 43 percent this year, advanced for the first time this week after Iran test-fired a long-range missile capable of reaching Israel and the dollar fell.

....

Gold for immediate delivery rose $1.85, or 0.2 percent, to $921.47 an ounce as of 11:26 a.m. in London. Futures for August delivery fell 80 cents, or 0.1 percent, to $922.50 an ounce in after-hours electronic trading on the Comex division of the New York Mercantile Exchange.

http://www.bloomberg.com/apps/news?pid=20601012&sid=ajMV9fHlRZYY&refer=commodities