CHICAGO, Aug. 19 - Gold futures on the COMEX Division of the New York Mercantile Exchange ended higher on Wednesday as crude oil jumped sharply upon unexpectedly plunging oil inventory. Silver finished lower, but platinum rose.
Gold price for December delivery climbed 5.60 U.S. dollars, or 0.6 percent, to finish at 944.80 dollars an ounce.
The Energy Information Association reported on Wednesday that U.S. oil in storage for the week ended Aug. 14 fell by 8.4 million barrels. This is much lower than economists' expectations of a 1.3-million-barrel increase.
Sparked by the tightened oil stockpile, benchmark crude for September delivery soared 2.47 dollars, or 3.6 percent, to 71.66 dollars a barrel by the end of gold floor trading time. Worries on inflation helped the precious metal regain strength and end higher.
In the currency markets, the dollar index, a gauge measuring the greenback's value against six major currencies, stood at 78.438, down from the intraday high of 79.225 in the morning session. A weaker dollar is considered to boost gold's demand as the dollar-denominated yellow metal becomes cheaper.
December silver finished at 13.909 dollars per ounce, down 8.6 cents. October platinum rose 9.30 dollars to 1,241.40 dollars an ounce.
Gold price for December delivery climbed 5.60 U.S. dollars, or 0.6 percent, to finish at 944.80 dollars an ounce.
The Energy Information Association reported on Wednesday that U.S. oil in storage for the week ended Aug. 14 fell by 8.4 million barrels. This is much lower than economists' expectations of a 1.3-million-barrel increase.
Sparked by the tightened oil stockpile, benchmark crude for September delivery soared 2.47 dollars, or 3.6 percent, to 71.66 dollars a barrel by the end of gold floor trading time. Worries on inflation helped the precious metal regain strength and end higher.
In the currency markets, the dollar index, a gauge measuring the greenback's value against six major currencies, stood at 78.438, down from the intraday high of 79.225 in the morning session. A weaker dollar is considered to boost gold's demand as the dollar-denominated yellow metal becomes cheaper.
December silver finished at 13.909 dollars per ounce, down 8.6 cents. October platinum rose 9.30 dollars to 1,241.40 dollars an ounce.
