Gold futures climbed Wednesday, with earlier weakness in the U.S. dollar, a rebound in oil prices and ongoing worries about the global economy combining to lift prices for the precious metal up a day after their settlement at a nearly two-week low. Higher crude prices indicate higher inflation and gold is known as a hedge against inflation, says James Hatzigiannis, chief market strategist at Ploutus Capital Advisors. A new stimulus package has cleared the Senate and that is also another bullish catalyst for gold, he said. June gold GCM20, 0.74% rose $50.50, or 3%, to settle at $1,738.30 an ounce. That was the highest most-active contract finish since April 15, according to FactSet data.
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