 Online edition of India's National Newspaper Tuesday, Sep 16, 2008 ePaper | Mobile/PDA Version |
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LONDON: Gold was higher on safe haven buying after Lehman Brothers filed for bankruptcy protection and as the dollar slipped, but retreated from highs after oil prices fell more than $7 a barrel. Gold rose sharply earlier in the session as news broke of Lehman’s bankruptcy, spurring buying of gold as a safe haven and pressuring the dollar. A weaker dollar typically benefits gold as it boosts the precious metal’s appeal as an alternative investment. Dealers are awaiting the Fed’s interest rates decision due on Tuesday for clues as to the future direction of the U.S. currency. Spurts in MumbaiGold prices spurted by Rs. 195 per 10 gram to close at Rs. 11,610 on the bullion market on fresh demand from stockists in view of festival season on the back of positive global cues and a weak trend in the equity market. Spot gold was quoted at $772.90/774.10 an ounce, up $9.45 from Friday’s nominal close in New York, but off session high of $784.90. — Agencies
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