Gold Futures Climb for Fifth Straight Session

Oct 28, 2011, 10:00 by R.E. Christian

Gold prices rose for the fifth consecutive trading session Thursday in New York with the dollar index off sharply with a European rescue unveiled in Brussels.

The dollar index dropped 1.61 percent to 74.97 as the euro gained on the announcement in Brussels that European heads of state had brokered a deal to pour billions of dollars into an international rescue effort for debt-burdened countries.

On the Comex division of the New York Mercantile Exchange, gold gained $22.50 to reach $1,746 per troy ounce. Silver added $1.77 to reach $35.08 per ounce.

West Texas Intermediate crude oil gained $3.65 to $93.85 per barrel.

The euro rose to $1.4186 from Wednesday's $1.3906. Against the yen, the dollar fell to 75.94 yen from Wednesday's 76.16 yen.

The British pound rose to $1.6097 from $1.5975. The U.S. dollar was 7.7676 Hong Kong dollars from 7.7737 HKD.

The U.S. standard fell to 0.9906 Canadian dollars from 1.004 Canadian. The Australian dollar rose to $1.073 from $1.0399.

Source: UPI