CCTV.com - CNTV English - CCTV News


Homepage > News > Biz >

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

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program