Gold rises as U.S. dollar weakens

0 Comment(s)Print E-mail Xinhua, May 20, 2022
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CHICAGO, May 19 (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 June delivery increased 25.3 U.S. dollars, or 1.39 percent, to close at 1,841.2 dollars per ounce.

It was the largest daily percentage rise for gold since April 12.

Disappointing economic data released on Thursday supported gold. U.S. Labor Department reported that U.S. initial jobless claims increased 21,000 to a seasonally adjusted 218,000 for the week ending May 14, the highest level since January.

The Philadelphia Federal Reserve reported that its gauge of regional manufacturing activity fell sharply to 2.6 in May from 17.6 in April. It was the lowest level of activity since early 2020.

The National Association of Realtors reported that U.S. existing home sales fell by 2.4 percent to a seasonally adjusted annual rate of 5.61 million.

Silver for July delivery rose 36.4 cents, or 1.69 percent, to close at 21.908 dollars per ounce. Platinum for July delivery rose 29.3 dollars, or 3.17 percent, to close at 953.7 dollars per ounce. Enditem

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