Markets > Commodities

Gold ends higher amid rising safe-haven appetite

CHICAGO
2019-12-20 05:15

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CHICAGO, Dec. 19 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange settled higher on Thursday amid political uncertainty following the impeachment against U.S. President Donald Trump.

The most active gold contract for February delivery rose 5.7 U.S. dollars, or 0.39 percent, to close at 1,484.40 dollars per ounce.

The Democrat-led U.S. House of Representatives voted on Wednesday night to pass two articles of impeachment against Trump, who has become the third president in U.S. history to be formally impeached and will face a trial in the Republican-controlled Senate.

Political uncertainty surrounding the impeachment process triggered safe-haven appeal among investors, despite the rally in New York stock market, said market analysts.

The Dow Jones Industrial Average gained some 100 points on Thursday. The S&P 500 and Nasdaq Composite Index followed Dow's rise.

A slight downside correction in U.S. dollar index offered additional support for gold.

The U.S. dollar index, a gauge of the greenback against a basket of other major currencies, fell 0.06 percent to 97.34 shortly before gold's settlement. This will make dollar-priced gold less expensive for investors holding other currencies.

As for other precious metals, silver for March delivery was up 10.5 cents, or 0.62 percent, to close at 17.154 dollars per ounce. Platinum for January delivery went down 0.2 dollar, or 0.02 percent, to settle at 935.50 dollars per ounce.
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