The most active gold contract for August delivery went up 5.60 U.S. dollars , or 0.42 percent, to close at 1,336.80 dollars per ounce.
The Wall Street stock benchmarks continued to slide, though slightly, on Wednesday. When stocks trade on a downbeat note, the gold futures usually rise as investors tend to look for a safe haven.
The prolonged trade disputes between the United States and China and growing concerns over a slowdown in global economy further boosted the appeal for gold, a safe haven asset, said analysts.
Yet a strengthened U.S. dollar has kept gold's rise in check. The U.S. dollar index, a measure of the greenback against a basket of other major currencies, rose 0.24 percent to 96.92 shortly before gold's settlement.
When the dollar rises, gold, priced in the dollar, will become more expensive for investors holding other currencies.
As for other precious metals, silver for July delivery was up 1.3 cents, or 0.09 percent to close at 14.753 dollars per ounce. Platinum for July delivery was down 3.80 dollars, or 0.47 percent, to settle at 810.50 dollars per ounce. Enditem
Latest comments