Gold rises on escalating geopolitical tension

By Xu JingUnreguser

CHICAGO, Sept. 22 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose on Thursday as tension between Russia and Ukraine escalates.

The most active gold contract for December delivery rose 5.4 U.S. dollars, or 0.32 percent, to close at 1,681.1 dollars per ounce.

Nevertheless, the strength in the U.S. dollar, boosted by the Federal Reserve's 0.75-percentage point rate hike on Wednesday, capped gold's growth somewhat.

The U.S. Labor Department reported Thursday that U.S. initial jobless claims rose 5,000 to a seasonally adjusted 213,000 for the week ending Sept. 17. The figure is lower than the 218,000 applications forecast by economists.

Elsewhere, the Bank of England raised the interest rate to 2.25 percent on Thursday, the highest level since 2008; the Swiss National Bank raised its benchmark interest rate by 75 basis points to 0.5 percent, bringing an end to an era of negative rates in Europe.

Japan intervened to support the yen for the first time since 1998, after its central bank has stuck with ultra-low interest rates.

Silver for December delivery rose 13.7 cents, or 0.7 percent, to close at 19.617 dollars per ounce. Platinum for October delivery fell 10 dollars, or 1.09 percent, to close at 906 dollars per ounce.

Article type: free
User access status:
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Next In World

Health worker photographed patient credit cards and went shopping with them, US cops say
Waning Hurricane Ian creeps across Florida after battering Gulf Coast
Austria returns remains of 64 indigenous people to New Zealand
Myanmar court jails Suu Kyi, Australian economist for 3 years - source
Opinion: Say hello to the flexetariat, empowered employees who want a change
Taiwan to end COVID quarantine for arrivals, welcome back tourists
U.S. VP Harris says she is in South Korea to reinforce strength of alliance
Russia set to annex Ukraine territory; West warns of new sanctions
Bridge collapses in Brazilian Amazon, 3 killed and up to 15 missing
Some French unions call strike in test of Macron mettle on pension reform

Others Also Read