Thu, 26 Nov 2020

Gold rises on technical bounce

Xinhua
31 Oct 2020, 05:18 GMT+10

CHICAGO, Oct. 30 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose on Friday as a technical bounce supported the precious metal.

The most active gold contract for December delivery rose 11.9 U.S. dollars, or 0.64 percent, to close at 1,879.9 dollars per ounce.

Gold reached an oversold state on Thursday by the market's close, and it bounced off the bottom and rose on Friday to recoup all of its losses from Thursday.

Gold found additional support as major U.S. stock market indexes fell.

Positive economic figures released on Friday capped gold's growth somewhat. The U.S. Department of Commerce reported on Friday that the U.S. consumer spending rose a moderate 1.4 percent in September.

The final reading of consumer sentiment index of the University of Michigan edged up to 81.8 in October from an initial 81.2.

Investors are generally bullish on gold as they remain worried about the record new COVID-19 cases in the United States and Europe, along with the implications of economic stimulus.

Silver for December delivery rose 28.6 cents, or 1.22 percent, to close at 23.646 dollars per ounce. Platinum for January delivery fell 1.1 dollars, or 0.13 percent, to close at 848.4 dollars per ounce.

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