Gold climbs after U.S. GDP report

12:05, July 31, 2010      

Email | Print | Subscribe | Comments | Forum 

Gold futures on the COMEX Division of the New York Mercantile Exchange struggled on Friday to regain much of its lost ground this week, as the lower-than-expected U.S. second quarter GDP data helped reinvigorate demand for safe-haven assets. Silver and platinum also extended gains.

The most active gold contract for December delivery rose 12.7 dollars, or 1.1 percent, to finish at 1,183.9 U.S. dollars per ounce.

The U.S. Commerce Department said on Friday that U.S. gross domestic product climbed at an annual pace of 2.4 percent in the second quarter, which is lower than economists' estimate of 2.5 percent, compared with 3.7 percent in the first quarter.

The lower-than-expected data confirmed investors' speculations that the U.S economic recovery lost its momentum recently with high unemployment and shrinking customer spending, and sparked a return of demand for safe-haven assets, which offered solid support to gold price on Friday.

Dollar softened after the report was released, giving further support to gold by making it less expensive for those using other currencies. Gold also posted gains after a report showed manufacturing activity in the Chicago region increased more than expected in July.

Gold lost 5 percent in July, which was the first monthly decline since March. The largest monthly dip since last December has renewed interest in the buying of physical bullion from global investors.

September silver climbed 38.6 cents, or 2.2 percent, to settle at 18.003 dollars per ounce. October platinum rose 13.4 dollars, or 0.9 percent, to settle at 1,576.8 dollars per ounce.

Source: Xinhua

(Editor:张茜)

  • Do you have anything to say?

双语词典
dictionary

  
Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • Staff members watch a screen showing the blast-off of the Long March-2FT1 carrier rocket loaded with Tiangong-1 unmanned space lab module at Beijing Aerospace Control Center, Sept. 29, 2011. Commander-in-chief of China's manned space program Chang Wanquan announced Thursday night that the launch of Tiangong-1 space lab module was successful. (Xinhua/Wang Shen)
  • Chinese President Hu Jintao watches the launch of Tiangong-1 space lab module at Beijing Aerospace Control Center in Beijing, capital of China, Sept. 29, 2011. Other members of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, including Wu Bangguo, Jia Qinglin, Li Changchun, Xi Jinping, Li Keqiang and Zhou Yongkang, are also present. (Xinhua/Rao Aimin)
  • The graphics shows the launch procedures of the carrier rocket of Tiangong-1 space lab module, Long March-2FT1 on Sept. 29, 2011. (Xinhua/Lu Zhe)
  • Image taken from Beijing Aerospace Control Center shows a Long March-2FT1 carrier rocket loaded with Tiangong-1 unmanned space lab module blasting off from the launch pad at the Jiuquan Satellite Launch Center in northwest China's Gansu Province, Sept. 29, 2011. (Xinhua)
  • On Sept. 28, tourists travel around the Mingshashan Scenic Area in Dunhuang, Gansu province by camel. With the National Day vacation right around the corner, more and more tourists from home and abroad are going to Dunhuang. Riding on a camel, they travel in the desert to enjoy the cities rare form of natural scenery. (Xinhua/Zhang Weixian)
  • Chinese forest armed forces work together with forest firefighters on Sept. 28. (Xinhua/Chai Liren)
Hot Forum Discussion