US Biz

Gold rises in correction 2023/8/29 source: Print

CHICAGO, Aug. 28 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose on Monday in correction after reporting first weekly gain in four weeks last week and as U.S. dollar and Treasury yields steadied.

The most active gold contract for December delivery rose 6.90 U.S. dollars, or 0.36 percent, to close at 1,946.80 dollars per ounce.

Nevertheless, the hint of Federal Reserve Chair Jerome Powell on Friday at the possibility of more interest rate hikes cast a shadow over gold's rise.

Market analysts hold that gold has found support at the 1,900-dollar area on the charts. But more dollar strength or rising yields would jeopardize the chart.

Investors are also awaiting the release of the gross domestic product report on Wednesday, key inflation figures on Thursday, and the big jobs report on Friday.

Silver for September delivery rose 1.8 cents, or 0.07 percent, to close at 24.252 dollars per ounce. Platinum for October delivery rose 24 dollars, or 2.53 percent, to close at 972.20 dollars per ounce. 


    Photos