Polymetal Advances as Gold Rallies to Record and Silver Gains

Aug. 3 (Bloomberg) -- OAO Polymetal advanced for a second day as gold rallied to a record and silver rose, boosting the stock of the Russian metals producer.

Its shares added as much as 1.7 percent to 593.4 rubles and traded 0.9 percent stronger at 588.7 rubles by 11:52 a.m. in Moscow.

Immediate-delivery gold surged to $1,671.82 an ounce, surpassing yesterday’s high of $1,661.95 as escalating concern that the global recovery may be losing momentum drove investors to buy the metal to protect their wealth. Silver rose as much as 1.4 percent to $41.3850 an ounce.

To contact the reporter on this story: Jason Corcoran at Jcorcoran13@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net