Friday, July 14, 2006

Gold futures closed higher Friday, rallying to over $660 an ounce, as violence between Israel and Lebanon drove crude oil prices to unprecedented highs, fuelling safe-haven demand for gold. Gold for August delivery finished up $13.60 at $668.0 an ounce on the New York Mercantile Exchange, its highest closing level since May 23. The yellow metal gained 5.2% this week. Other metals prices also posted gains. Silver added 4.50 cents at $11.530 an ounce and copper rose 3.60 cents at $3.7125 a pound. Platinum was up $3.50 at $1,267.50 an ounce and palladium settled up 45 cents at $334.50 an ounce.