Gold rises on technical bounce

By Xu JingUnreguser

CHICAGO, Dec. 1 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose on Tuesday as the precious metal bounced on technical trading.

The most active gold contract for February delivery rose 38 U.S. dollars, or 2.13 percent, to close at 1,818.9 dollars per ounce.

After continuous drop, gold has been in an oversold state, luring investors to buy in. Market analysts believe this uptick is short-lived, as they see another technical indicator, a "death cross" in chart, signaling potential for a major selloff.

Gold found additional support as Federal Reserve Chairman Jerome Powell testified before U.S. Senate on Tuesday, revealing concerns over the health of the economy over the coming months as the COVID-19 pandemic is expected to worsen.

Economic figures also supported gold. The Institute for Supply Management reported that its manufacturing purchasing managers' index fell 1.8 percentage points to 57.5 percent in November, worse than expected.

Silver for March delivery rose 1.497 dollars, or 6.63 percent, to close at 24.09 dollars per ounce. Platinum for January delivery rose 38 dollars, or 3.93 percent, to close at 1,003.9 dollars per ounce.

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