Gold futures up on inflationary concerns

0 Comment(s)Print E-mail Xinhua, March 25, 2020
Adjust font size:

CHICAGO, March 24 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange reported the largest daily percentage surge in more than a decade on Tuesday on news of gold mining closure as well as on inflation worries.

The most active gold contract for April delivery rose 93.2 U.S. dollars, or 5.95 percent, to close at 1,660.8 dollars per ounce.

Market analysts believe that investors are buying gold to hedge against the potential inflation as the U.S. Federal Reserve has promised to purchase unlimited securities to stabilize the U.S. economy amid a coronavirus-triggered slowdown.

Gold mining and processing infrastructure in Africa, Europe and the United States has been temporarily halted because of the coronavirus outbreak, boosting gold.

The U.S. Dollar Index fell by 0.40 points, or 0.39 percent to a 102.08 level, as of 17:55 GMT, offering more support to gold.

Nevertheless, the Dow Jones Industrial Average rose by 1,502.16 points, or 8.08 percent to 20,094.09 as of 17:50 GMT, dwarfing the upsurge of gold somewhat.

Gold was also under pressure as the U.S. Department of Commerce announced on Tuesday that new home sales rose by better-than-expected 765,000 during February.

Silver for May delivery rose 99.6 cents, or 7.51 percent, to close at 14.257 dollars per ounce. Platinum for April delivery rose 74.2 dollars or 11.82 percent, to close at 701.7 dollars per ounce. Enditem

Follow China.org.cn on Twitter and Facebook to join the conversation.
ChinaNews App Download
Print E-mail Bookmark and Share

Go to Forum >>0 Comment(s)

No comments.

Add your comments...

  • User Name Required
  • Your Comment
  • Enter the words you see:   
    Racist, abusive and off-topic comments may be removed by the moderator.
Send your storiesGet more from China.org.cnMobileRSSNewsletter