Gold rises as geopolitical tension in Middle East escalates

CHICAGO, Oct. 13 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose on Friday as geopolitical tension in the Middle East escalates.

The most active gold contract for December delivery rose 58.50 U.S. dollars, or 3.11 percent, to close at 1,941.50 dollars per ounce.

Israel called for all civilians in the northern half of the Gaza Strip to relocate within 24 hours, as it prepares for a ground assault in response to an attack by Hamas.

Investors turn to safe haven gold amid geopolitical turmoil.

Economic data released on Friday also supported gold. The U.S. Labor Department reported that the U.S. import price index rose 0.1 percent in September, the third straight increase. Economists were expecting a 0.5-percent gain.

The preliminary reading of University of Michigan consumer sentiment index fell to 63 in October from 68.1 in September, the lowest level since May. Economists had expected an October reading of 67.4.

"I believe that we are at the point where we can hold rates where they are," Philadelphia Fed President Patrick Harker said in a virtual event with the Delaware State Chamber of Commerce on Friday.

Silver for December delivery rose 93.60 cents, or 4.26 percent, to close at 22.895 dollars per ounce. Platinum for January delivery rose 8.40 dollars, or 0.96 percent, to close at 884.20 dollars per ounce.