Gold ends moderately higher as dollar slips

07:39, August 31, 2010      

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Gold futures on the COMEX Division of the New York Mercantile Exchange eked out a 0.1-percent gain on Monday after a choppy session, as the weakening U.S. dollar and equity markets enhanced gold's appeal as safe-haven. Silver remained unchanged, but platinum ended a tad lower.

The most active gold contract for December delivery added 1.3 dollars, or 0.1 percent, to finish at 1,239.2 dollars per ounce.

The U.S. Commerce Department reported on Monday that personal spending rose 0.4 percent in July, the strongest pace in four months. But the better-than-expected reading failed to boost the market as investors remained cautious ahead of the key monthly employment data due out on Friday morning.

The U.S. equity market has lost its steam recently, and most stocks tumbled on Monday on rekindled fears over the health of U.S. economy.

But gold managed to retain its rally momentum, as sluggish data released last week attracted savvy investors to flock to precious metals like gold and silver to protect their wealth. And bargain hunters also stepped in to help boost the gold price.

Meanwhile, the early weakness in the U.S. dollar and the continuing strong demand of Asian buyers for physical gold both contributed to lifting the gold price.

October platinum dipped 3.9 dollars, or 0.3 percent, to 1,533.1 dollars per ounce.

Source: Xinhua


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