Gold up on U.S. dollar weakness

0 Comment(s)Print E-mail Xinhua, November 6, 2020
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CHICAGO, Nov. 5 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose on Thursday as the U.S. dollar weakened.

The most active gold contract for December delivery rose 50.6 U.S. dollars, or 2.67 percent, to close at 1,946.8 dollars per ounce.

U.S. Dollar Index fell sharply on Thursday as the Bank of England boosted government bond buying.

After the market's close, the U.S. Federal Reserve released a statement indicating that it would keep interest rates "anchored" at near-zero levels, neutral to gold.

Gold found additional support as a report released by the U.S. Department of Commerce showed the productivity rose by 4.9 percent in the third quarter, much lower than the increase of 10.9 percent in the second quarter.

U.S. Department of Labor reported that the initial jobless claims fell 7,000 to 751,000 in the week ending Oct. 31. But the decrease is smaller than expected.

Silver for December delivery rose 1.298 dollars, or 5.43 percent, to close at 25.191 dollars per ounce. Platinum for January delivery rose 29.8 dollars, or 3.42 percent, to close at 899.9 dollars per ounce. Enditem

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