Gold rises first day in three as crude rallies
By Moming Zhou
Last update: 1:46 p.m. EDT Aug. 26, 2008Comments: 16
NEW YORK (MarketWatch) -- Gold futures Tuesday closed higher for the first time in three sessions as rising oil prices increased demand for gold as an investment haven against inflation. Gold for December delivery rose $2.4, or 0.3%, to $828.10 an ounce on the New York Mercantile Exchange. October crude futures soared as much as 2% on concerns that Hurricane Gustav may damage oil facilities in the Gulf of Mexico.
Is this a bottom reversal with a cup & handle, time to buy?
