Gold rises on second day of Powell testimony

0 Comment(s)Print E-mail Xinhua, July 16, 2021
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CHICAGO, July 15 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose on Thursday as investors watched the second day of U.S. Federal Reserve Chairman Jerome Powell's testimony.

The most active gold contract for August delivery rose 4 U.S. dollars, or 0.22 percent, to close at 1,829 dollars per ounce.

Powell continued his testimony before U.S. Congress for a second day, saying inflation is a short-lived phenomenon and removal of some of the Fed's stimulus was some way off as the labor market still struggles to rebound from the pandemic.

Market analysts hold Powell's remarks eased investors' fear of rate hike in the short term, boosting gold.

Economic data released on Thursday were mixed. The U.S. Department of Labor reported that U.S. initial jobless benefit claims fell to 360,000 from 386,000 in the week ended July 10.

The Philadelphia Manufacturing Index fell to 21.9 in July from 30.7 in June; the New York Federal Reserve Empire State manufacturing index rose to a record 43 in July from 17.4 in the prior month.

The U.S. import price index jumped one percent in June. Import prices have climbed 11.2 percent over the past 12 months, down a bit from 11.6 percent in May.

U.S. Federal Reserve reported that U.S. industrial production rose by 0.4 percent in June after climbing by a downwardly revised 0.7 percent in May.

Silver for September delivery rose 12.3 cents, or 0.47 percent, to close at 26.394 dollars per ounce. Platinum for October delivery rose 9.6 dollars, or 0.85 percent, to close at 1,137.7 dollars per ounce. Enditem

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