Gold prices surge over $8 per ounce

06/12/07 - newratings.com

NEW YORK, June 12 (newratings.com) – Gold prices rose more than $8 per ounce on Monday, breaking a five session decline.

The price for August delivery closed up by $8.70 at $659.0 per troy ounce on the New York Mercantile Exchange. According to Marketwatch, demand was driven by physical demand, technical buying and rising crude oil prices. Gold prices fell on Friday in a broad commodities sell off, closing the week down $26.60 Silver, while gaining 2% or 24¢ to $13.275 an ounce on Monday. Other base metals gained on Monday as well.