Gold futures rise on safe haven buying

0 Comment(s)Print E-mail Xinhua, September 17, 2019
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CHICAGO, Sept. 16 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose on Monday, as a surge in oil prices in the wake of the attacks on oil facilities in Saudi Arabia over the weekend rattled investors.

The most active gold contract for December delivery was up 12 U.S. dollars, or 0.8 percent, to close at 1,511.5 dollars per ounce.

Investors turned to haven assets, including bonds and precious metals, after the attacks on Saudi Arabian oil production.

However, the bullion's rise was limited by a stronger greenback. The U.S. dollar index, which measures the buck against six rivals, went up 0.39 percent to 98.64 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 December delivery was up 45.7 cents, or 2.6 percent to close at 18.026 dollars per ounce. Platinum for October delivery was down 13 dollars, or 1.37 percent, to settle at 939.2 dollars per ounce. Enditem

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