Saturday, June 07, 2008

Gold Surges Most in Six Months


clipped from www.bloomberg.com

Gold futures for August delivery rose $23.50, or
2.7 percent, to $899 an ounce on the Comex division of the New
York Mercantile Exchange. That marks the biggest gain for a most-
active contract since Nov. 23.

The unemployment rate increased to 5.5 percent in May from
5 percent in April, marking the biggest increase since February
1986, the U.S. Labor Department said today. The dollar dropped as
much as 1 percent against the euro. Gold has gained 33 percent in
the past 12 months as a slump by the dollar boosted demand for
the metal as an inflation hedge.