Gold down on profit-taking

  • World
  • Friday, 31 Jul 2020

CHICAGO, July 30 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange fell on Thursday as investors took profits following nine consecutive sessions of increase for the precious metal.

The most active gold contract for December delivery fell 9.9 U.S. dollars, or 0.5 percent, to close at 1,966.8 dollars per ounce.

Even weak economic data failed to boost gold. The U.S. Department of Commerce released a report on Thursday, showing U.S. gross domestic product fell by 32.9 percent in the second quarter of this year, a bit better than expected. But market analysts held that this is still the worst reading of the measure in history.

A report released by the U.S. Department of Labor showed initial jobless claims rose slightly to 1.43 million during the week ending July 25.

Investors are also digesting the Federal Reserve's signal that it would keep interest rates at or near zero for at least the medium-term until the COVID-19 pandemic abates.

Market analysts believe that gold is showing short-term weakness ahead of additional safe haven buying that will give gold extensive support and will likely result in additional record high settlements for the precious metal.

Silver for September delivery fell 95.9 cents, or 3.94 percent, to close at 23.362 dollars per ounce. Platinum for October delivery fell 45.9 dollars, or 4.79 percent, to close at 912.6 dollars per ounce.

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