NEW YORK, Oct 8: US gold futures finished up and at the highest close in nearly 18 years on Friday, boosted by investment and safe-haven buying amid jitters over economic factors and a threat of attacks in New York, dealers said.
Funds lifted silver futures to a seven-month high, as the precious and industrial metal drew strength from a rally in the copper market and from rallying gold prices.
Benchmark December delivery gold rose $2.70 to end at $477.70 an ounce on the New York Mercantile Exchange’s COMEX division. It traded from a session low of $472.50 to a life-of-contract high at $479.10, which was the priciest level for COMEX futures since January 1988.
Gold attracted a flurry of investor buying after it shot above a resistance trend-line at $477 an ounce on technical buying in morning trade, said one metals broker in New York.
Spot gold last fetched $473.80/474.50 an ounce, above Thursday’s New York close at $472.00/2.70 but off Friday’s 17-3/4-year peak at $475.40. Friday’s late fix in London by bullion dealers was $472.70.—Reuters
