Gold rallies for fourth session in row

Chicago, Aug 12 (IANS) Gold futures on the COMEX division of the New York mercantile exchange closed higher, rising for a fourth straight session, amid uncertainties about the global economy.

The most active gold contract for December delivery gained $3.6 (0.33 percent) to settle at $1,107.70 per ounce, reported Xinhua.

Gold on Tuesday got support from increasing uncertainties over the world economy after Chinese yuan fell sharply as the country adjusted exchange rate.

The bank of China performed a one-off depreciation of the Chinese yuan, causing it to fall to a record low since April 2013, as part of a free-market reform.

The goal is to improve China’s “central parity system” to better reflect market development in the exchange rate between the Chinese yuan and the US dollar.

Gold was put under a slight amount of pressure as the US dollar index rose by 0.1 percent to 97.29. The index is a measure of the dollar against a basket of major currencies.

Gold and the dollar typically move in opposite directions, which means if the dollar goes up, gold futures will fall as gold, measured by the dollar, becomes more expensive for investors.

Silver for September delivery fell 0.8 cents (0.05 percent) to close at $15.284 per ounce.

Platinum for October delivery rose $2.5 dollars (0.25 percent) to close at $992.30 per ounce.

Leave a Reply

Please enter your comment!

The opinions, views, and thoughts expressed by the readers and those providing comments are theirs alone and do not reflect the opinions of www.mangalorean.com or any employee thereof. www.mangalorean.com is not responsible for the accuracy of any of the information supplied by the readers. Responsibility for the content of comments belongs to the commenter alone.  

We request the readers to refrain from posting defamatory, inflammatory comments and not indulge in personal attacks. However, it is obligatory on the part of www.mangalorean.com to provide the IP address and other details of senders of such comments to the concerned authorities upon their request.

Hence we request all our readers to help us to delete comments that do not follow these guidelines by informing us at  info@mangalorean.com. Lets work together to keep the comments clean and worthful, thereby make a difference in the community.

Please enter your name here