Gold, platinum advance further in Asia
Published on: October 14, 2008 at 10:30
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NEW YORK : Gold and platinum prices advanced further Tuesday after oil prices surged that boosted precious metals appeal as a hedge against inflation.
Gold prices rose more than two percent while platinum five percent in Asian trade as stock markets recovery offering extra incentives for speculators to buy the metal.
Gold was trading at $847.70 an ounce in Asian trade, up $16.90 from the New York notional close, having hit an intraday high of $849.35 an ounce. It had dropped to $821 an ounce on Monday, its weakest since October 3.
Platinum was trading at $1035.00 ounce, up $56.50 from New York's notional close. Platinum was well below a record high of $2290 struck in March.
Gold, which struck a record at $1030.80 in March, traded around $920 in late September.
US crude oil futures rose further on Tuesday, up along with Asian markets that rallied after a concerted effort by governments to shore up the banking sector gave hope the current financial crisis may ease.
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In India, gold is considered as one of the prestigious instruments of investment among the household consumers. Small household units are now becoming potential investors for gold from the key consumers. The demand for consumption purpose is no longer the main driver of demand for the yellow metal, but the systematic investments in retail gold investment options is the latest crush among the small investors in the country. 
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