LONDON: Gold hit a two-week high above $946.00 per ounce on Friday, extending its gains as the dollar retreated, while firmer oil prices raised its appeal as a potential inflation hedge. Spot gold touched a high of $946.90 in London — last seen in mid-June — up from $938.55 quoted late on Thursday in New York. The metal stood at $946.65 by 1134 GMT. Holdings at the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, fell 0.5 percent to 1,125.74 tonnes as of June 25, down 5.5 tonnes from the previous business day. US gold futures for August delivery strengthened to $946.8 an ounce, rising 0.8 percent on the day. In other precious metals, spot silver firmed to $14.25, against $14.01 quoted late in New York on Wednesday, while platinum climbed to $1,199.00, against $1,186.00 and palladium strengthened to $243.50 from $242.00.
