nds76
05-10-2006, 12:14am
Rising gold and oil prices helped the Canadian dollar briefly trade above the 91-cent US level in Tuesday trading, boosting it to another 28-year high.
The loonie closed at 90.87 cents US, up exactly one cent from Monday's close. That was the dollar's highest level since Jan. 18, 1978, according to the Bank of Canada. In earlier trading Tuesday, it traded as high as 91.11 cents US.
The dollar was propelled by rising gold and oil prices.
The June futures contract for gold closed at $701.50 US an ounce in New York trading Tuesday – the highest level for the precious metal in more than 25 years. That was up more than $20 US from Monday's close.
Gold prices have been on a bull run for much of the past five years. In the past few months, that price rise has picked up speed amid political concerns arising from Iran's nuclear program. The price of gold has risen by more than $100 US an ounce in the past month alone.
Oil futures rose 92 cents to close at $70.69 US a barrel.
Rising commodity prices are seen as a positive for the loonie, as more than a third of Canada's exports are commodity-based.
http://www.cbc.ca/story/business/national/2006/05/09/gold.html
The loonie closed at 90.87 cents US, up exactly one cent from Monday's close. That was the dollar's highest level since Jan. 18, 1978, according to the Bank of Canada. In earlier trading Tuesday, it traded as high as 91.11 cents US.
The dollar was propelled by rising gold and oil prices.
The June futures contract for gold closed at $701.50 US an ounce in New York trading Tuesday – the highest level for the precious metal in more than 25 years. That was up more than $20 US from Monday's close.
Gold prices have been on a bull run for much of the past five years. In the past few months, that price rise has picked up speed amid political concerns arising from Iran's nuclear program. The price of gold has risen by more than $100 US an ounce in the past month alone.
Oil futures rose 92 cents to close at $70.69 US a barrel.
Rising commodity prices are seen as a positive for the loonie, as more than a third of Canada's exports are commodity-based.
http://www.cbc.ca/story/business/national/2006/05/09/gold.html