Commodities: Gold moves ahead

05.12.2007

Gold prices moved ahead again as it benefited from safe-haven buying following the falls in the stock markets.

A weaker dollar versus the euro also helped the precious metal rise $12.90 to $807.60 an ounce.

Expectations of a rate cut in the US boosted sentiment as dealers feel it would boost liquidity in the market.

Crude-oil futures fell to its lowest point in nearly six weeks ahead of the Organization of Petroleum Exporting Countries meeting on whether to raise production on Wednesday.

The January delivery closed down 99 cents at $88.32 a barrel on the New York Mercantile Exchange.

Prices were also alleviated by reports that Iran halted its nuclear weapons program four years ago.

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