PRECIOUS METALS: Gold Rises as Dollar Weakens, Oil Hits New Record

NEW YORK - Gold futures gained in New York on Wednesday following weakness in the U.S. dollar and oil prices reached a new record, boosting the appeal of the precious metal as a hedge against inflation. Gold for August delivery rose $2 to close at $946.50 an ounce on the Comex division on the New York Mercantile Exchange, marking its highest closing level since mid-April. The contract rose $16.20 an ounce on Tuesday. The precious metal has climbed 13 percent this year, reaching an all-time high of $1,033.90 an ounce in March as the dollar weakened and oil soared. Crude oil for August delivery rose $2.77, or 2 percent, to $143.74 a barrel at the 2:30 p.m. close of floor trading on the New York Mercantile Exchange. Oil hit $143.91 a barrel today, the highest since futures started trading in 1983, and has more than doubled in... [read full story]