Sat, 08 Aug 2020

Gold rises to new record on safe haven trading

Xinhua
01 Aug 2020, 04:51 GMT+10

CHICAGO, July 31 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose on Friday as investors purchased the precious metal for its safe haven attributes.

The most active gold contract for December delivery rose 19.1 U.S. dollars, or 0.97 percent, to close at 1,985.9 dollars per ounce.

Gold found support as the COVID-19 outbreak is worsening in some places in the world. Investors also kept alert as health officials in the United States warned about the possibility of a second wave of COVID-19 infections in the fall.

Falling stock market indexes worldwide also supported gold.

A report released by the U.S. Department of Commerce on Friday showed the consumer spending increased 5.6 percent in June as more businesses reopened after their lockdowns. However, market analysts noted that this report did not take into account the recent outbreaks in the United States.

Another report of the U.S. Department of Commerce showed the personal income dropped 1.1 percent in June as government programs to alleviate U.S. citizens' economic woes during the COVID-19 pandemic continued but at a slower pace.

Silver for September delivery rose 85.4 cents, or 3.66 percent, to close at 24.216 dollars per ounce. Platinum for October delivery rose 6.3 dollars, or 0.69 percent, to close at 918.9 dollars per ounce.

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