Mon, 30 Nov 2020

Gold up on U.S. dollar weakness

20 Oct 2020, 05:30 GMT+10

CHICAGO, Oct. 19 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose on Monday as the U.S. dollar weakened.

The most active gold contract for December delivery rose 5.3 U.S. dollars, or 0.28 percent, to close at 1,911.7 dollars per ounce.

Gold also found support as U.S. stock market indexes fell on Monday.

Traders are pricing in a fresh round of stimulus measures U.S. lawmakers may reach in a last-ditch effort. But market analysts believe the prospects for a deal are dim.

China's gross domestic product grew 4.9 percent year on year in the third quarter of this year. The figure supports gold as China is one of the world's biggest importers and an avid buyer of gold.

Gold's rise was capped as a report released on Monday by the National Association of Home Builders showed its housing market index increased two points to 85 in October, an all-time high reading of this measure.

Silver for December delivery rose 29.3 cents, or 1.2 percent, to close at 24.698 dollars per ounce. Platinum for January delivery fell 5.8 dollars, or 0.67 percent, to close at 863.5 dollars per ounce.

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