New Delhi: Gold prices rose in London as the dollar dropped and crude oil surged. It gained on account of being a prefered alternative investment to the US currency and a hedge against inflation.
Currently, gold for immediate delivery gained $4.51, or 0.5 per cent, to $878.06 an ounce.
Hedge-fund managers and other large speculators raised net-long positions in New York gold futures in the week ended September 16, according to US Commodity Futures Trading Commission data.
Speculative long positions, or bets prices will rise, outnumbered short positions by 90,291 contracts on the Comex division of the New York Mercantile Exchange, the Washington-based commission said in its Commitments of Traders report.
Net-long positions rose 7,636 contracts, or 9 per cent.
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