Gold rises on technical bounce

By Xu JingUnreguser
  • World
  • Thursday, 13 Aug 2020

CHICAGO, Aug. 12 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose on Wednesday as the precious metal bounced upward after being oversold on Tuesday.

The most active gold contract for December delivery rose 2.7 U.S. dollars, or 0.14 percent, to close at 1,949 dollars per ounce.

A report released by the U.S. Department of Labor on Wednesday showed that the consumer price index (CPI) rose by 0.6 percent in July, which supported gold. Market analysts noted that much of the strength in the CPI came from increasing gas prices.

Yields of benchmark government bonds have risen recently, and bonds have become an alternative to gold for investors, capping gold growth somewhat.

Market analysts noted that the rebound may sustain in the medium-term as the overall outlook for gold remains bullish due to the economic damage caused by the COVID-19 pandemic and inflation worries induced by various forms of relief governments worldwide have used to alleviate economic suffering.

Silver for September delivery fell 7.0 cents, or 0.27 percent, to close at 25.979 dollars per ounce. Platinum for October delivery fell 12.2 dollars, or 1.26 percent, to close at 959.2 dollars per ounce.

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