Gold futures on the COMEX Division of the New York Mercantile Exchange rose slightly from a 6-week low on June 23 as the sharply going down dollar increased gold's appeal of storing value. Silver also gained, but platinum ended a little lower.
Gold price for August delivery rose 3.30 U.S. dollars, or 0.5 percent, finishing at 924.30 dollars an ounce, after hitting a new6-week low of 913.20 dollars in late electronic session on
June 22.
The plummeting rate of the U.S. currency played a dominant role in prices for gold. As the crude oil in New York surged again after a two-day slump, investors' concerns on inflation were refueled and the money flooded into crude oil and the precious metal for safe-haven.
By the end of gold floor trading time, the dollar's rate against euro fell about 2.34 cents, or 1.7 percent, to 1.4085 dollars. Meanwhile, the benchmark crude contract for August delivery climbed more than 1 dollar to 68.74 dollars a barrel.
The National Association of Realtors said on Tuesday that home sales rose 2.4 percent to a seasonally adjusted annual pace of 4.77 million, up from a downwardly revised rate of 4.66 million in April. The result was unexpectedly below analysts' anticipations.
Investors are awaiting the Federal Reserve's decision on interest rate which is scheduled to be made at its two-day meeting ending on Wednesday. The Fed is widely expected to keep its key interest rate near zero, but investors are paying more attention to how optimistic the policymakers will be in their economic assessment and whether the central bank will consider raising rates later this year to curb inflation.
September silver finished at 13.876 dollars per ounce, up 13.8 cents. October platinum dropped 3.50 dollars to 1,173.60 dollars an ounce.
Source:Xinhua
|
Comment
Tell A Friend
Print Format
Save Article