Gold futures rise to 7-year high as downbeat economic data fuel haven demand

2020-02-22 10:45:22Xinhua Editor : Feng Shuang ECNS App Download

Gold futures on the COMEX division of the New York Mercantile Exchange on Friday rose to the highest level since February 2013, as downbeat economic data fueled haven demand for the yellow metal.

The most active gold contract for April delivery added 28.3 U.S. dollars, or 1.75 percent, to settle at 1,648.8 dollars per ounce.

Data released Friday showed that business in the United States contracted in February for the first time in four years. The IHS Markit purchasing managers' index covering the large service side of the economy sank 4 points to 49.4. A reading below 50 indicates contraction.

The bullion was also buoyed by a weaker greenback. The U.S. dollar index, which measures the buck against six rivals, went down 0.58 percent to 99.28 as of 1930 GMT.

Gold usually moves in opposite directions with the U.S. dollar, which means if the dollar goes up, gold futures will fall as gold, priced in U.S. dollar, becomes more expensive for investors using other currencies.

As for other precious metals, March silver went up 21.1 cents, or 1.15 percent, to close at 18.53 dollars per ounce. April platinum slid 2.9 dollars, or 0.3 percent, to settle at 976.1 dollars per ounce. Enditem


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