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Gold jumps as safe-haven buying returns

08-13-2010 08:25 BJT

CHICAGO, Aug. 12 (Xinhua) -- Gold futures on the COMEX Division of the New York Mercantile Exchange ended at its highest level in six weeks on Thursday, as fears over global economic recovery renewed safe-haven buying of the precious metal, but a firmer U.S. dollar trimmed some of its gains. Silver and platinum both rallied.

The most active gold contract for December delivery jumped 17.5 dollars, or 1.5 percent, to finish at 1,216.7 dollars per ounce.

The U.S Labor Department reported on Thursday that last week's initial jobless claims increased by 2000, to 484,000, which is the highest level in six month and analysts previously expected the number to decline. The upbeat data highlighted the ongoing weakness in the U.S labor market, and added to investors' darkening view of U.S economic prospects.

Meanwhile, A series of disappointing economic data from Eurozone nations further fueled investors' risk aversion sentiment and let them flee the equity markets to safe-haven assets like dollar and gold.

Gold moved up sharply after the opening, and hit an intraday high of 1,218.5 dollars per ounce, which is the highest level since mid-July, and the price remained stuck in a tight trading range during the rest of the session, as the dollar continued to strengthen after scoring its biggest daily gain for nearly two years on Wednesday.

September silver added 16.3 cents, or 0.9 percent, to settle at 18.065 dollars per ounce, October platinum rose 11.0 dollars, or 0. 7 percent, to settle at 1,531.6 dollars per ounce.

Editor:Xiong Qu |Source: Xinhua

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