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Gold recovers on bargain-hunting, weaker dollar

09-14-2011 08:56 BJT

CHICAGO, Sept. 13 (Xinhua) -- Gold futures on the COMEX Division of the New York Mercantile Exchange ended moderately higher on Tuesday, as a heavy sell-off in the prior session attracted some bargain-hunters. The weakness in U.S. dollar also enhanced gold's appeal as an alternative asset.

The most active gold contract for December delivery jumped 16.8 dollars, or 0.9 percent, to 1,830.1 dollars per ounce.

A trader cited unconfirmed reports that China is considering to buy some Italian bonds, and that Germany and France may soon make a joint statement regarding Greece's debt.

Meanwhile, gold staged a comeback after pessimism over European debt problems overpowered hopes for China's purchase of Italian bonds, as the deteriorating eurozone debt trouble still weighing on the minds of many market participants.

Many investors used the prior day's sell-off as a buying opportunity, as precious metals usually hold their value well during economic turmoil. A weaker U.S. dollar index also lent some support to gold price.

Market analysts believed that it may be a while before investors regain confidence in the region's financial health, as the eurozone debt problem will not be solved overnight, therefore, the bullion should remain in demand as a safe haven.

Silver for December delivery climbed 97.6 cents, or 2.4 percent, to 41.193 dollars per ounce.

 

Editor:Zhang Rui |Source: Xinhua

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