Fri, 04 Dec 2020

Gold rises as stimulus deal remains uncertain

Xinhua
24 Oct 2020, 05:30 GMT+10

CHICAGO, Oct. 23 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose slightly on Friday as new U.S. stimulus deal remained uncertain.

The most active gold contract for December delivery rose 0.6 U.S. dollar, or 0.03 percent, to close at 1,905.2 dollars per ounce.

Gold also found support as U.S. dollar dropped slightly on Friday.

Optimistic economic data dampened gold, preventing it from rising higher.

The IHS Markit Flash U.S. Manufacturing Purchasing Managers' Index (PMI) came at 53.3 in October, up from 53.2 in September and a 21-month high.

Gold fell for a second week in a row, by less than 0.1 percent. Market analysts hold that discussions on the U.S. COVID-19 relief package in Congress, moves in the dollar and the upcoming presidential election will be big catalysts for gold in the next step.

Silver for December delivery fell 3.4 cents, or 0.14 percent, to close at 24.675 dollars per ounce. Platinum for January delivery rose 22.7 dollars, or 2.57 percent, to close at 906.7 dollars per ounce.

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