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Gold futures recover from four-day decline

2019-11-14 06:18

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CHICAGO, Nov. 13 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange gained on Wednesday, reversing the downturn in the past four straight sessions.

The most active gold contract for December delivery was up 9.60 U.S. dollars, or 0.66 percent, to close at 1,463.30 dollars per ounce.

The precious metal was boosted by "some safe-haven demand at mid-week, along with some short-covering" following recent selling pressure, wrote Jim Wyckoff, Kitco's senior analyst in a daily note.

The uncertainty around U.S. relations with its key trading partners, and the ongoing public impeachment hearings against President Donald Trump, supported safe-haven appeal among investors.

Meanwhile, a strong U.S. dollar and firm stock benchmarks kept gold's rise in check.

The U.S. dollar index, a gauge of the greenback against a basket of other major currencies, was up 0.6 percent to 98.37 shotly before the settlement of gold futures.

When the dollar rises, it makes the dollar-priced more expensive for investors holding other currencies.

On the other hand, the Dow Jones Industrial Average rose moderately as investors digested Federal Reserve Chairman Jerome Powell's latest testimony.

The current stance of U.S. monetary policy is "likely to remain appropriate" as long as the U.S. economy stays on track, U.S. Federal Reserve Chairman Jerome Powell said on Wednesday at a hearing held by the Joint Economic Committee of Congress.
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