Gold futures rise on weakened greenback, political uncertainty

Gold futures rise on weakened greenback, political uncertainty

- in Economy, News

CHICAGO, July 29 — Gold futures on the COMEX division of the New York Mercantile Exchange ended higher Friday, as reports of another missile test from Democratic People’s Republic of Korea (DPRK) and further weakness in the US dollar boosted investment demand for the precious metal.

The most active gold contract for August delivery rose USD8.4, or 0.67 percent, to settle at USD1,268.4 per oz.

The DPRK launched a ballistic missile on Friday, said Pentagon. The news gave gold an added lift as it fed uncertainty, prompting traders to seek out safer investments.

A broad measure of the US currency, the US dollar which compares the greenback against a half-dozen other currencies, was down about 0.5 percent as of 1930 GMT.

Commodities priced in dollars often trade inversely with the dollar, as moves in the US unit can influence the attractiveness of those commodities to holders of other currencies.

As for other precious metals, silver for September delivery went up 12.2 cents, or 0.74 percent, to close at USD16.695 per oz. Platinum for October delivery added USD10.2, or 1.1 percent, to close at USD936.6 per oz. (Xinhua/PNA)

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