BUSINESS Gold up on COVID-19 concerns

BUSINESS

Gold up on COVID-19 concerns

Xinhua

07:26, January 05, 2021

CHICAGO, Jan. 4 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose on Monday as investors weighed COVID-19 concerns.

The most active gold contract for February delivery rose 51.5 U.S. dollars, or 2.72 percent, to close at 1,946.6 dollars per ounce.

Investors were worried about rising COVID-19 cases, as more than 1.8 million people have died from COVID-19 worldwide. The cases may keep rising due to the holidays amid slow rollout of COVID-19 vaccine.

Investors were also concerned about a new strain of COVID-19, as several cases have been detected in the United States.

IHS Markit on Monday posted its seasonally adjusted final U.S. manufacturing purchasing managers index at 57.1 in December, up from 56.5 in November. The reading is the highest measurement for U.S. manufacturing in more than six years, dampening gold somewhat.

Silver for March delivery rose 95.2 cents, or 3.6 percent, to close at 27.364 dollars per ounce. Platinum for April delivery fell 7.7 dollars, or 0.71 percent, to close at 1,071.5 dollars per ounce.

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