Gold adds 3.3% for week; oil reaches 9-month high on Iraq

Los Angeles (June 20)  Gold futures inched up today, holding above the $1,300 level amid ongoing violence in Iraq and the likelihood of steady U.S. interest rates for a while.

Gold for August delivery added 0.2 percent to finish at $1,316.60 an ounce on the Comex division of the New York Mercantile Exchange.

The yellow metal gained 3.3 percent for the week, with a big jump coming yesterday, when gold pushed above the $1,300 level to a two-month high.

In other metals, July silver added 1.5 percent to settle at $20.95 an ounce.

July platinum dropped nearly 1.2 percent to finish at $1,457.30 an ounce, while September palladium gave back almost 2 percent to finish at $822.20 an ounce.

High-grade copper for July delivery added 1.3 percent to settle at $3.12 a pound.

In energy markets, the U.S. crude-oil benchmark rose today, closing at the highest level for a front-month futures contract in nine months as worries about Iraq simmered.

Nymex July WTI crude futures rose 0.8 percent to close at $107.26 a barrel as the contract expired. The August contract rose 78 cents to settle at $106.83 a barrel.

President Barack Obama said he’s dispatching as many as 300 troops to help the Iraqi army battle an insurgency and the U.S. is prepared to take more “targeted” action.

Source: ProactiveInvestor