Gold settles slightly lower but ends week sharply higher

0 Comment(s)Print E-mail Xinhua, August 10, 2019
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CHICAGO, Aug. 9 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange fell slightly on Friday but ended the week sharply higher amid safe haven appeal due to U.S.-China trade tensions and interest rate cuts by several central banks.

The most active gold contract for December delivery fell 1.0 U.S. dollar, or 0.07 percent, to settle at 1,508.50 dollars per ounce.

December gold gained 51 dollars, or 3.5 percent week on week, after U.S. President Donald Trump threatened to impose an additional 10 percent tariff on the remaining 300 billion dollars worth of Chinese imports.

In an unexpected development, central banks in New Zealand, India and Thailand all announced key interest rate cuts this week, worsening the concerns over the economic prospects.

Gold prices eased on Thursday and Friday amid profit taking and some recovery of U.S. equities, said market watchers. Yet the bullion still holds above 1,500 dollars per ounce.

As for other precious metals, silver for September delivery was down 0.5 cent, or 0.03 percent on Friday to close at 16.931 dollars per ounce. Platinum for October delivery was down 3.70 dollars, or 0.43 percent, to settle at 863.80 dollars per ounce. Enditem

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