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Posted AT 7:03 AM EST on 10/09/08

Gold recovers as oil rebounds

JAN HARVEY

Reuters

LONDON — Gold recovered in Europe on Wednesday after hitting an 11-month low in Asian trade, with rising oil prices boosting bullion's appeal as an inflation hedge and on strong physical demand. Spot gold was at $775.50/776.60 (U.S.) an ounce against $775.80/777.80, well off its session low of $762.55 an ounce, its weakest since Oct 2007.

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