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Monday, January 18, 2021

Gold rises for sixth straight session

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Gold rises for sixth straight sessionGold futures on the COMEX division of the New York Mercantile Exchange closed higher on Wednesday, which has been the sixth climb in a row.

The most active gold contract for August delivery went up 4.90 US dollars, or 0.37 per cent, to settle at 1,333.60 dollars per ounce.

The safe-haven metal has extended gains amid concerns over rising tensions between the US and its key trade partners, the Xinhua news agency reported.

READ ALSO:  India’s consumer price inflation rises as food prices soar

The Dow Jones Industrial Average continued its rally in response to expectations that the US Federal Reserve will cut interest rates. The S&P 500 and Nasdaq also followed Dow’s rise.

Yet the broad rally in benchmark US stock indexes failed again to pressure gold futures, while private-sector employment for May indicated the lowest growth since 2010.

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Payroll processor ADP reported that US non-farm private employment increased by only 27,000 from April to May.

As for other precious metals, silver for July delivery was up 2.2 cents, or 0.15 per cent to close at 14.791 dollars per ounce. Platinum for July delivery was down 16.30 dollar, or 1.99 per cent, to settle at 802.80 dollars per ounce.

IANS

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