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May 20, 2011 / 5:18 PM

Gold jumps above $1,500 per ounce

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NEW YORK, May 20 (UPI) -- Gold futures jumped Friday after the World Gold Council said demand had jumped 11 percent in the first quarter compared to January through March 2010.

For the first quarter of the year, the average price reached $1,386.27 per ounce, marking the eighth consecutive quarter of year-over-year increases, the council said in its quarterly report.

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On Friday, gold on the Comex division of the New York Mercantile Exchange added $21.60 to reach $1,514 per troy ounce.

Oil prices also rose, gaining $1.02 to $99.95 per barrel for June delivery West Texas Intermediate crude.

The euro fell to $1.4159 from Thursday's $1.4311. Against the yen, the dollar rose to 81.68 yen from Thursday's 81.653 yen.

The dollar gained strength in most markets with the dollar index up 0.68 percent to 75.63.

The dollar traded for 44.94 Indian rupees, compared to 45.904 Indian rupees on Thursday. Against the Hong Kong dollar, the U.S. dollar rose to 7.7741, compared to 7.7731.

The Australian dollar was at $1.0664 compared with $1.0672. The British pound rose to $1.6233 from $1.6231.

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