Metals - Gold steady near $930/oz as inflation fears offset firmer dollar UPDATE

LONDON (Thomson Financial) - Gold was supported near $930 per ounce on Friday by heightened inflation fears, despite a firmer tone in the U.S. dollar. At 3:22 p.m., spot gold was trading at $931.40 per ounce against $932.50 per ounce in late New York trade on Thursday. With oil prices remaining close to $145 a barrel, inflation fears have risen supporting the precious metal which often trades in line with crude prices due to its role as a hedge against higher fuel costs. 'This should further anchor global inflation expectations and with equity markets remaining under pressure, precious metals should remain an attractive haven for investment funds today,' Standard Bank metals analyst Manqoba Madinane said. Gold has been pushed higher by rising oil prices, heightened risk aversion and dollar weakness recently as investors have... [read full story]