Gold up as COVID-19 case rise

0 Comment(s)Print E-mail Xinhua, June 27, 2020
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CHICAGO, June 26 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose on Friday as U.S. COVID-19 cases spiked.

The most active gold contract for August delivery rose 9.7 U.S. dollars, or 0.55 percent, to close at 1,780.3 dollars per ounce.

The United States has for the second day in a row broken its record for new COVID-19 cases, with more than 40,000 new cases reported on Friday. This concerned investors, driving them to gold as a safe haven.

Stock market indexes around the globe were lower on Friday, also lending support to gold.

Economic figures released on Friday are comparatively positive, capping gold's rise. A report released by the U.S. Department of Commerce showed consumer spending increased by 8.2 percent in May; and put the personal income at a negative 4.2-percent level in May, better than expected.

The University of Michigan (UM) Consumer Sentiment Index was 78.1 in the June 2020 survey, up from 72.3 in May.

Silver for July delivery rose 14 cents, or 0.78 percent, to close at 18.035 dollars per ounce. Platinum for October delivery rose 10.8 dollars, or 1.34 percent, to close at 819.3 dollars per ounce. Enditem

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