Gold prices rise

Monday, May 6, 2002 | 11:09 a.m.

NEW YORK -- Gold rose to $312.50 for June delivery Friday, its highest price in more than two years on rising demand from investors, some of whom sought haven from a decline in stocks and the dollar.

Gold has climbed 12 percent this year, boosted partly by increased demand from investors in Japan after the country imposed insurance limits on bank deposits. The Standard & Poor's 500-stock index had its sixth losing week in seven and the dollar Friday had its biggest drop since January, luring other investors to gold.

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