Commodities: Gold rises on inflation concerns

22.02.2008

Gold hit new record highs as inflationary concerns and the weak dollar helped the commodity.

It finished the session up $11.00 to $948.70 an ounce and had at one stage surged to new intra-days highs of $958.40 before slipping lower as oil prices began to fall.

Crude prices fell $1.47 to $98.23 a barrel as US supplies rose.

There was a 4.2m barrel increase in crude stockpiles last week, which was nearly double the amount forecasted.

Gasoline stocks rose to 1.1m barrels to a 14-year high of 230.3m barrels.

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