The gold for immediate delivery rose $8.13, or one per cent, to $814.63 an ounce. The precious metal reached a record $850 in January 1980.
An Energy Department report tomorrow will probably show crude oil inventories fell 1.7 million barrels last week as refinery processing gained for the first time in a month, according to a survey of analysts.
Oil reached a record $96.24 a barrel on November 1 after supplies unexpectedly dropped the previous week and tensions rose on the Turkey-Iraq border. Gold for December on the Comex division of the New York Mercantile Exchange also passed yesterday’s 27-year high, climbing as high as $817.90 an ounce. Silver for immediate delivery added 1.2 per cent to $14.88 dollar an ounce.
Mean while in Mumbai, Gold prices rallied by Rs 180 per ten grams to close at Rs 10,410 on the bullion Market on Tuesday.
