Gold up on weaker bond yields

By Xu JingUnreguser
  • World
  • Tuesday, 18 Aug 2020

CHICAGO, Aug. 17 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose on Monday as U.S. treasury bonds weakened.

The most active gold contract for December delivery rose 48.9 U.S. dollars, or 2.51 percent, to close at 1,998.7 dollars per ounce.

The 10-year Treasury note yield shrank back on Monday after increase in the last week.

A report released by the New York Federal Reserve on Monday showed its Empire State business conditions index fell by 13.5 points to 3.7 points in August, worse than expected. This may be a signal to some investors that the optimism shown during the brief break in COVID-19 in July may have been unwarranted as many businesses have remained closed of their own accord, even as governors lift lockdown mandates.

A weaker U.S. dollar also supported gold.

Silver for September delivery rose 1.578 dollars, or 6.05 percent, to close at 27.667 dollars per ounce. Platinum for October delivery rose 8.5 dollars, or 0.89 percent, to close at 967.6 dollars per ounce.

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