CCTV.com - CNTV English - CCTV News


Homepage > News > Biz >

Gold firms as economic outlook dims

08-17-2010 08:23 BJT

CHICAGO, Aug. 16 (Xinhua) -- Gold futures on the COMEX Division of the New York Mercantile Exchange posted strong gains on Monday, as the weak economic data of Japan worsened investors' concerns about the pace of global economic recovery, and sparked some safe- haven demand of the precious metal. Silver and platinum both advanced.

The most active gold contract for December delivery rose 9.6 dollars, or 0.8 percent, to finish at 1,226.2 dollars per ounce.

Japan said early Monday that its GDP in the second quarter grew at an annualized rate of just 0.4 percent, well below the annualized 4.4-percent expansion in the first quarter and short of economists' expectations of a 2.3-percent increase, adding to evidence that the global recovery is losing its steam.

The downbeat economic data from Japan, compounded with a series of disappointing U.S. economic data released last week, fueled investors' fears over the global economy, and pushed them to purchase bullion and other precious metals like silver and platinum as safe-haven.

Gold opened higher and surged to its intraday high early in the morning on refuge buying as well as the softening dollar, which snapped a five-day gain and slipped 0.7 percent on Monday. Meanwhile, the strong demand for physical gold from Asian buyers also provided support to gold price, as the festival season approaches quickly.

September silver surged 31.8 cents, or 1.8 percent, to settle at 18.427 dollars per ounce. October platinum rose 11.1 dollars, or 0.7 percent, to 1,537.3 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