Gold On Track For Sustained Comeback

After last week's fall in commodity prices, things weren't looking too good for gold and its favored role as a safe haven. But now the metal seems to be back on track, rising to a one-week high on Thursday as a softer dollar and rise in oil prices sparked new inflationary fears.

Gold rose to $954.50 an ounce, in Thursday pre-market trading on the New York Mercantile Exchange, before slipping to around $945.60 an ounce, after trading at $949.00, late on Wednesday.

The dollar continued to decline against the euro after a surprise fall in February orders for U.S. durable goods sparked new fears about a recession.

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- Posted: 2008-03-27 08:42:16

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