Gold futures rise as safe haven demand continues
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E-mail Xinhua, March 21, 2020
CHICAGO, March 20 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose on Friday, as safe haven demand for the precious metal continued in the wake of accelerated COVID-19 spread, lower U.S. equities and a weaker U.S. dollar.
The most active gold contract for April delivery rose 5.3 U.S. dollars, or 0.36 percent, to close at 1484.6 dollars per ounce.
Gold was given support as U.S. equities fell. The Dow Jones Industrial Average fell by 160.67 points, or 0.8 percent, to 19,926.52 as of 18:00 GMT.
The U.S. Dollar Index fell by 0.26, or 0.25 percent, to 102.5 as of 17:50 GMT, also lending support to gold.
Market analysts caution that weekly jobless claims in the report next week could hit millions due to the coronavirus. Several banking institutions have predicted a much-lower-than-expected GDP figure.
Silver for May delivery rose 25.1 cents, or 2.07 percent, to close at 12.385 dollars per ounce. Platinum for April delivery rose 25.7 dollars, or 4.31 percent, to close at 622.5 dollars per ounce. Enditem
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