Financial turmoil pushes gold, silver up 2 pct

Reuters
Monday, Sept 15, 2008

Gold rallied more than 2 percent on Monday, as investors rushed to safer assets after the bankruptcy of Lehman Brothers fuelled worries about the U.S. financial system and sparked talk of possible rate cuts.

A tumbling U.S. dollar further boosted precious metals with silver rising more than 2 percent and platinum firming around 1 percent.


PRICES

* Spot gold was at $778.50/779.70 at 0640 GMT versus $765.75/767.75 an ounce late in New York on Friday.

* Silver was at $10.93/11.01 from $10.85/10.95.

* Platinum at $1,215.00/1,225.00 from $1,204.50/1,224.50.

* Palladium at $244/249 from $242.50/250.00


DATA RELEASES DUE

* U.S. August industrial output due at 1315 GMT.


MARKET NEWS

* The U.S. dollar tumbled in Asian trade as Lehman Brothers (nyse: LEH - news - people ) said it would file for bankruptcy, heightening concerns over the U.S. financial system's stability and sparking talk of a possible Federal Reserve rate cut.

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