Gold rises due to weak US dollar


Chicago, Aug. 23 (Xinhua) – Gold futures in the New York Mercantile Exchange’s COMEX division rose on Monday as the US dollar weakened.

The most active gold contract for December deliveries rose US $ 22.3 (1.25%) and closed at $ 1,806.3 per ounce.

Market analysts have pointed out that concerns about the delta variant of COVID-19 and its contagiousness are causing unrest on Wall Street and could lead to the transition to gold as a safe haven.

Investors are also awaiting news of the Federal Reserve’s annual Jackson Hole Monetary Policy Symposium later this week for market guidance.

Economic data released on Monday is mixed. The IHS Markit Flash Purchasing Managers Index (PMI) fell from 63.4 in July to 61.2. The IHS Markit Flash service PMI fell from 59.9 in July to 55.2 in August.

The National Association of Realtors reported that sales of existing homes in the United States were up 2% from June, reaching a seasonally adjusted annual rate of 5.99 million units in July, which was better than planned.

Silver delivered in September rose 54.4 cents (2.35%) and closed at $ 23.656 an ounce. Platinum shipped in October rose $ 19.9 (2%) and closed at $ 1,014.1 per ounce.

Gold rises due to weak US dollar

Source Link Gold Rises Due to Weak US Dollar


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