Markets > Futures

Gold futures rise on safe haven buying

2019-07-23 04:26

Already collect

CHICAGO, July 22 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange closed higher on Monday, as the precious metal was boosted by traders' safe haven buying.

The most active gold contract for August delivery added 0.2 dollar, or 0.01 percent, to close at 1,426.9 dollars per ounce.

The price of gold has picked up strongly since late May as concerns about weak global economic growth and rising geopolitical tensions in the Middle East encouraged demand for safe haven, traders said.

However, gold futures' rise was limited by a stronger greenback. The U.S. dollar index, which measures the buck against six rivals, went up 0.01 percent to 97.26 as of 1730 GMT.

Gold usually moves in opposite directions with the U.S. dollar , which means if the dollar goes down, gold futures will rise as gold, priced in U.S. dollar, becomes less expensive for investors using other currencies.

As for other precious metals, silver for September delivery was up 21.6 cents, or 1.33 percent, to settle at 16.411 dollars per ounce. Platinum for October delivery was up 0.6 dollar, or 0.07 percent, to close at 852.7 dollars per ounce. Enditem

Add comments

Latest comments

Latest News
News Most Viewed