Markets > Commodities

Gold futures firm on safe haven buying

Xinhua News,CHICAGO
2020-02-08 05:02

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CHICAGO, Feb. 7 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange closed higher for a third straight session on Friday, as uncertain world economic prospect boosted haven demand for the yellow metal.

The most active gold contract for April delivery rose 3.4 U.S. dollars, or 0.22 percent, to settle at 1,573.4 dollars per ounce.

As of 1935 GMT, the Dow Jones Industrial Average dropped 276.09 points, or 0.94 percent. The S&P 500 Index went down 16.85 points, or 0.5 percent, and the Nasdaq Composite Index lost 58.63 points, or 0.61 percent.

Gold usually moves in opposite directions with the U.S. equities. When the stock markets were on the decline, investors may turn to safe-haven assets.

As for other precious metals, March slid 12.6 cents, or 0.71 percent, to close at 17.692 dollars per ounce. April platinum added 1.8 dollars, or 0.19 percent, to settle at 969.2 dollars per ounce.
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