Gold market in New York Friday saw a brisk move to the upside in a post-holiday trade.
Gold futures for February delivery gained 23.20 U.S. dollars, or 2.7 percent, to 871.20 dollars an ounce on the New York Mercantile Exchange.
Bullish outside market influences helped gold recover from an early price dip. Crude oil futures rose more than 6 percent in New York, as the United Arab Emirates said it would reduce output to comply with OPEC's supply curbs.
A weak dollar and ultra low Treasury yields have attracted investors to gold as a store of value, after the Fed cut prime interest rate to near zero. Chart based buying provided further support to gold as the market pushed through some critical price levels.
Mounting tensions in the Middle East and South Asia also helped boost the appeal of gold as a safe haven.
(Xinhua News Agency December 27, 2008)
