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Gold rebounds amid rallies in equity, commodities

09-28-2011 10:24 BJT

CHICAGO, Sept. 27 (Xinhua) -- Gold futures on the COMEX Division of the New York Mercantile rebounded on Tuesday, encouraged by rallies in other commodities and the equity market amid optimism that European leaders will take steps to resolve the region's debt crisis.

The most active gold contract for December delivery hiked 57.7 U.S. dollars, or 3.6 percent, to 1,652.5 dollars per ounce.

Market analysts said that hopes for a resolution to the European debt crisis reduced the rush to cash and thus, take the pressure off the precious metals.

Traders widely believed that European authorities were closer to containing the euro zone's sovereign-debt crisis and were hatching a plan to beef up a bailout fund, which helped other metals and other commodities as well.

Both the equity and commodity markets rallied on the positive signal from the EU. The Dow Jones Industrial Average Tuesday gained 311 points, or 2.9 percent, to 11,355. Meanwhile, New York crude oil price also hiked 4.21 dollars while agricultural products continued to gain strength in the day.

Besides, some bargain-hunters have stepped in after sharp drops in the precious metal, which also helped boost the sentiment. In recent sessions, investors sold metals holdings to have cash on hand for safety, sparking steep selling for gold and silver futures as well as other commodities.

A trader noted that gold would go bullish in the long term and the metal is likely to regain its safe-haven status and post gains.

Silver for December delivery gained 1.56 U.S. dollars, or 5.2 percent, to 31.536 dollars per ounce. Platinum for October delivery also rose 27.1 dollars, or 1.75 percent, to 1,574 dollars per ounce.

 

Editor:Zhang Rui |Source: Xinhua

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