CHICAGO, Feb. 23 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange posted gains of 3.93 percent during the trading week ending Feb. 21, which represented its highest level since February 2013.
The most active gold contract for April delivery went up 62.4 U.S. dollars weekly, or 3.93 percent, to close at 1,648.8 dollars per ounce on Friday.
As for other precious metals, silver for March delivery added 79.6 cents weekly, or 4.49 percent, to close at 18.53 dollars per ounce. Platinum for April delivery was up 7.3 dollars, or 0.75 percent, to settle at 852.10 dollars per ounce.
Gold futures rallied on Friday and posted the biggest weekly gain in eight months, as downbeat U.S. economic data and steadily sliding government bond yields offered fresh support to the haven asset that was on pace for a seventh straight session gain.
The metal saw a weekly gain of over 3.9 percent, which marked the sharpest weekly rally for a most-active contract since the week ended June 21, according to MarketWatch data.
The powerful rally for the precious metal came as the 30-year U.S. bond yield slipped 6.4 basis points to 1.9066 percent, falling below its previous all-time low of 1.95 percent. Precious metals don't offer a coupon so falling yields can underpin gains for the hard commodity.
Data released Friday showed that business in the United States contracted in February for the first time in four years. The IHS Markit purchasing managers' index covering the large service side of the economy sank 4 points to 49.4. A reading below 50 indicates contraction.
The bullion was also buoyed by a weaker greenback. The U.S. dollar index, which measures the buck against six rivals, went down 0.58 percent to 99.28 as of 1930 GMT on Friday.
Gold usually moves in opposite directions with the U.S. dollar, which means if the dollar goes up, gold futures will fall as gold, priced in U.S. dollar, becomes more expensive for investors using other currencies.
The precious metal pulled back slightly amid U.S. economic data early Thursday. Initial jobless claims edged up by 4,000 to 210,000 in the seven days ended Feb. 15, the government said Thursday. The figures were seasonally adjusted.
"Gold is finding buoyancy from increased risk aversion, as reflected also in declining bond yields. The gold price is continuing to defy the firm U.S. dollar," said Carsten Fritsch, analyst at Commerzbank, in a note.
The most active gold contract for April delivery went up 62.4 U.S. dollars weekly, or 3.93 percent, to close at 1,648.8 dollars per ounce on Friday.
As for other precious metals, silver for March delivery added 79.6 cents weekly, or 4.49 percent, to close at 18.53 dollars per ounce. Platinum for April delivery was up 7.3 dollars, or 0.75 percent, to settle at 852.10 dollars per ounce.
Gold futures rallied on Friday and posted the biggest weekly gain in eight months, as downbeat U.S. economic data and steadily sliding government bond yields offered fresh support to the haven asset that was on pace for a seventh straight session gain.
The metal saw a weekly gain of over 3.9 percent, which marked the sharpest weekly rally for a most-active contract since the week ended June 21, according to MarketWatch data.
The powerful rally for the precious metal came as the 30-year U.S. bond yield slipped 6.4 basis points to 1.9066 percent, falling below its previous all-time low of 1.95 percent. Precious metals don't offer a coupon so falling yields can underpin gains for the hard commodity.
Data released Friday showed that business in the United States contracted in February for the first time in four years. The IHS Markit purchasing managers' index covering the large service side of the economy sank 4 points to 49.4. A reading below 50 indicates contraction.
The bullion was also buoyed by a weaker greenback. The U.S. dollar index, which measures the buck against six rivals, went down 0.58 percent to 99.28 as of 1930 GMT on Friday.
Gold usually moves in opposite directions with the U.S. dollar, which means if the dollar goes up, gold futures will fall as gold, priced in U.S. dollar, becomes more expensive for investors using other currencies.
The precious metal pulled back slightly amid U.S. economic data early Thursday. Initial jobless claims edged up by 4,000 to 210,000 in the seven days ended Feb. 15, the government said Thursday. The figures were seasonally adjusted.
"Gold is finding buoyancy from increased risk aversion, as reflected also in declining bond yields. The gold price is continuing to defy the firm U.S. dollar," said Carsten Fritsch, analyst at Commerzbank, in a note.
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