Gold futures settle above 1,400 USD for first time since 2013

0 Comment(s)Print E-mail Xinhua, June 22, 2019
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CHICAGO, June 21 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange settled above 1,400 U.S. dollars per ounce on Friday for the first time since 2013, on easier monetary policy from the Federal Reserve and other central banks.

The most active gold contract for August delivery went up 3.2 dollars, or 0.23 percent, to close at 1,400.1 U.S. dollars per ounce.

The Fed held benchmark interest rates unchanged in its statement on Wednesday. However, officials also said that over the last six weeks, "uncertainties" have increased about the outlook and they shifted away from their prior patient stance.

The precious metal was also boosted by a weaker greenback. The U.S. dollar index, which measures the buck against six rivals, went down 0.37 percent to 96.27 as of 1730 GMT.

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

As for other precious metals, silver for July delivery was down 20.2 cents, or 1.3 percent, to settle at 15.29 dollars per ounce. Platinum for July delivery was up 5.4 dollars, or 0.67 percent, to close at 811 dollars per ounce. Enditem

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