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Gold futures extend gains amid safe haven appetite


Bangladeshpost
Published : 16 Aug 2019 07:27 PM | Updated : 07 Sep 2020 05:04 PM

Gold futures on the COMEX division ofthe New York Mercantile Exchange settled moderately higher on Thursdaydespite some recovery in the US stock market, reports BSS/Xinhua.

The most active gold contract for December delivery went up 3.40 USdollars, or 0.22 percent, to close at 1,531.20 dollars per ounce.

Gold futures posted double-digit gains during the previous session as keyUS stock benchmark indexes slipped over 2 percent amid widespread fear ofpossible recession.

On Thursday, the Dow Jones Industrial Average rose moderately while Nasdaqwas still in the negative territory. Many investors continued to shun riskier stocks for safe haven assets, suchas gold, said market analysts. Meanwhile,the US dollar index, a measure of the greenback against abasket of other major currencies, tayed firmer on Thursday. A strongerdollar curbed the rise of gold as it became more expensive for investorsholding other currencies.

As for other precious metals, silver for September delivery was down 6.6cents, or 0.38 percent to close at 17.214 dollars per ounce. Platinum forOctober delivery was down 6 dollars, or 0.71 percent, to settle at 842.00dollars per ounce.

Shanghai gold futures open higher

SHANGHAI : Gold futures opened higher Friday in daytime trading on theShanghai Futures Exchange.

The most active gold contract for December delivery was up 1.85 yuan (about26 U.S. cents) to open at 349.75 yuan a gram.

China launched gold futures in January 2008.