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Feb 24 2007 9:50AM
Comex gold revisits July highs as crude-oil surges
New York, Feb 24 - Gold for April settlement on Comex witnessed its July highs of $691.90 as follow through buying emerged extending previous gains on surge in crude-oil prices and also on weaker greenback against the other currencies. Silver too jumped ahead following the momentum in the yellow metal and peaked at $14.66, their most muscular level since last May.Crude-oil climbed to its intra-day high of $61.80, level last witnessed on December 2006 following a sharp drop in fuel stocks in the United States, as tensions over Iran's nuclear program stoked supply concerns. U.S. crude finally settled up settled up 19 cents at $61.14/barrel.The dollar weakened against the euro and yen on Friday, with German economic data boosting the case for higher European interest rates. The Federal Reserve meanwhile is expected to keep rates steady for a some while now. Gold for April settlement finally ended higher by $3.7 at $686.70/ounce and oscillated in the range of $676.20-$691.90 , while silver too ended higher by 34.5 cents at $14.595 and moved in the range of $14.19-$14.66/ounce.
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