BUSINESS Gold up on economic fallout from COVID-19


Gold up on economic fallout from COVID-19


07:10, August 04, 2020


Photo: Sipa

CHICAGO, Aug. 3 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose on Monday as economic fallout from the COVID-19 outbreak continued.

The most active gold contract for December delivery rose 0.4 U.S. dollar, or 0.02 percent, to close at 1,986.3 dollars per ounce.

Investors reacted on Monday to the news that negotiations remained unfinished in the U.S. legislative branch on the economic relief package for the COVID-19 pandemic. Democrats and Republicans remained far apart on key issues.

A report released by Markit on Monday showed its manufacturing purchasing managers index (PMI) at 50.9 in July, lower than June's 51.3 rating, which supported gold.

A report released by the Institute for Supply Management on Monday showed its manufacturing index stood at a reading of 54.2 percent in July, better than expected and capping gold's rise somewhat.

The precious metal was also put under pressure as the U.S. Dollar Index rose.

Silver for September delivery rose 20.1 cents, or 0.83 percent, to close at 24.417 dollars per ounce. Platinum for October delivery rose 12.2 dollars, or 1.33 percent, to close at 931.1 dollars per ounce.

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