For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

Gold Rises 1 Percent In New York Bourse

By Super
|

Chicago, Aug 29 (IANS) Gold futures on the COMEX division of the New York Mercantile Exchange rose on Friday as a report showed steady US inflation.

Check India gold rates

The most active gold contract for December delivery gained $11.4 or 1.02 percent, to settle at $1,134 per ounce, Xinhua reported.

Gold Rises 1 Percent In New York Bourse
 

Gold was given support as a report from the US Department of Commerce showed July personal income and outlays rising by 0.1 percent with analysts noting that the year-on-year rate is moving backwards to positive 1.2 percent.

The core PCE price index rose 1.2 percent in the 12 months through July, the smallest rise since March 2011. It increased 1.3 percent in June.

This report gave support to gold as it is the final reading of this measure before the Federal Open Market Committee and will likely impact its decision to delay an increase in interest rates.

An increase in the Fed's interest rate drives investors away from gold and towards assets with a return, as the precious metal bears no interest. There has not been an increase in the Fed's interest rate since June 2006, before the beginning of the American financial crisis.

Silver for December delivery rose 11.2 cents, or 0.78 percent, to close at $14.549 per ounce.

Platinum for October delivery added $15.7, or 1.56 percent, to close at $1,021.70 per ounce.

Read more about: gold
Company Search
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more