Gold climbs on robust U.S. earning reports

10:09, April 21, 2010      

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Gold futures on the COMEX Division of the New York Mercantile Exchange ended higher on Tuesday, benefited from improved U.S earnings reports, rebounded oil price and the decline of dollar. Platinum surged and silver rose.

The most active gold contract for June delivery rose 3.4 U.S. dollars, or 0.3 percent, to finish at 1,139.2 dollars.

Goldman said on Tuesday its first-quarter profit nearly doubled from the same period a year ago, beating market estimates.

Investor's risk appetite has been fueled on Tuesday by robust U. S. first-quarter earnings led by Goldman, which has given investors more confidence that the U.S. economy is rebounding in a sustainable way, though concern over the possible overhaul of U.S financial regulations and the Goldman fraud case still loomed.

The recovery in global risk appetite has helped gold regain some upward pressure after a major decline last Friday by reducing dollar's appeal of safe-haven.

Meanwhile, the crude oil bounced above 83 U.S. dollar per barrel on Tuesday and ended a sharp three-day losing streak, which has also offered support to gold price as investors usually purchase gold as a hedge against oil-led inflation.

May silver rose 9 cents to 17.821 dollars per ounce. July platinum surged 25.2 dollars to 1,721.8 dollars an ounce.

Source: Xinhua


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