Price of gold charged in Asia, in the early hours after rebound in the oil price boosted the price of the precious metal as an instrument for hedging against inflating. Gold has moved in the same direction as oil for 11 of the 14 trading days this month the gold market will be looking strongly to the OPEC move. It is expected that OPEC will formalize a cut, and if oil rallies we expect gold to move with it. Gold for delivery in December rose as much as $2.80, or 0.5 % reaching to $595.40. Some investors buy gold as it can hold its value better than other assets when inflation accelerates and some invest in the gold, as they purchase gold when the prices are low and sell the when the prices are high they treat this as kind of investment for profit making
Gold rose in New York for the second time this week as the dollar weakened against the yen and euro, boosting the metal's appeal as an alternative asset. Gold generally moves in the opposite of the U.S. dollar, which fell today against the yen and euro on speculation the U.S. economy is slowing. The dollar is down 4.9% this year against a basket of six major currencies. Gold is up 15% for the year. Gold futures for December delivery rose $3.10, 0.5%, to $595.70 an ounce at 9:17 a.m. on the Comex division of the New York Mercantile Exchange. The metal still has fallen 19% from a 26-year high reached in May. Prices have climbed each year since 2001.