Commodity Online
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.