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Gold rises as U.S. dollar weakens

CHICAGO
2023-10-20 03:49

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CHICAGO, Oct. 19 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose on Thursday as the U.S. dollar weakened.

The most active gold contract for December delivery rose 12.20 U.S. dollars, or 0.62 percent, to close at 1,980.50 dollars per ounce.

Growing tensions in the Middle East continue to spark safe-haven demand for gold.

Addressing the Economic Club of New York on Thursday, Federal Reserve Chair Jerome Powell acknowledged recent signs of cooling inflation, but said that the slowing in price increases was not enough yet to determine a trend and that the central bank would be "resolute" in its commitment to its 2-percent mandate.

"Additional evidence of persistently above-trend growth, or that tightness in the labor market is no longer easing, could put further progress on inflation at risk and could warrant further tightening of monetary policy," he said.

Economic data released on Thursday were mixed. The U.S. Labor Department reported U.S. jobless claim applications fell by 13,000 to 198,000 for the week ending Oct. 14, the fewest since January and about 14,000 fewer than analysts expected.

The Conference Board Leading Economic Index for the United States declined 0.7 percent in September to 104.6, following a decline of 0.5 percent in August.

The National Association of Realtors reported that U.S. existing home sales decreased 2 percent in September to 3.96 million homes, down 15.4 percent from one year ago on a seasonally adjusted basis.

Silver for December delivery fell 6.80 cents, or 0.29 percent, to close at 23.031 dollars per ounce. Platinum for January delivery rose 3.90 dollars, or 0.44 percent, to close at 898.20 dollars per ounce.
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