Middle East violence pushes dollar, gold up

The dollar edged higher and gold held above $400 an ounce today after attacks in Iraq and Turkey and mixed US economic figures…

The dollar edged higher and gold held above $400 an ounce today after attacks in Iraq and Turkey and mixed US economic figures dragged the US currency to its lowest level against the yen since April.

Attacks in five Iraqi cities left about 100 people dead and several hundred injured and bombs in Turkey's two main cities killed four people ahead of a visit by US President George W. Bush to Ankara.

The attacks helped push gold above $400 an ounce in US trade for the first time since April, and the safe-haven investment added to those gains in Asia.

Oil prices climbed toward $38 in New York last night as oil firms in Norway, the world's third-largest crude oil exporter, said they would respond to a strike by locking out all workers next week, threatening to shut off almost all of the country's exports.

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US light crude was down five cents at $37.88 a barrel after putting on 36 cents in New York trade.

Stock markets in Asia were little changed ahead of crucial events and data next week, aside from a 2 per cent rise on South Korea's KOSPI, where foreign buying of tech shares pushed Samsung Electronics 2.7 per cent higher.