Gold rises on weaker U.S. dollar

0 Comment(s)Print E-mail Xinhua, January 26, 2023
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CHICAGO, Jan. 25 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose on Wednesday as the U.S. dollar weakened.

The most active gold contract for February delivery rose 7.2 U.S. dollars, or 0.37 percent, to close at 1,942.6 dollars per ounce.

Gold has risen for five trading sessions in a row, the longest streak of gains since August. Gold has risen nearly 6 percent since the start of 2023, finding support from signs of waning U.S. inflation and expectations for an economic recession.

Market analysts noted that gold has found support around 1,920 dollars per ounce.

Investors are also waiting for the release of the gross domestic product data on Thursday and key inflation data on Friday.

The Federal Open Market Committee will hold two-day monetary policy meeting on Jan. 31 to Feb. 1.

Silver for March delivery rose 19.2 cents, or 0.81 percent, to close at 23.941 dollars per ounce. Platinum for April delivery fell 20.7 dollars, or 1.94 percent, to close at 1,046.1 dollars per ounce. Enditem

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