New YorkCHICAGO, Dec. 23 (Xinhua) -- Gold futures on the COMEX Division of the New York Mercantile Exchange rose on Wednesday as disappointing home sales weighed on dollar. Silver and platinum both closed higher.
The most active gold contract for February delivery gained 7.30 U.S. dollars, or 0.7 percent, to finish at 1,094 dollars an ounce.
Dollar retreated from its 3-month high on Wednesday after a big rally, for the new home sales in November is weak although the existing home sales saw a strong increase Tuesday. The Commerce Department said that sales of new homes dropped 11 percent in November from the previous month, to the lowest level since April.
Meanwhile, another report released by the Commerce Department said the U.S. personal incomes and spending both rose in November. The incomes rose 0.4 percent and spending rose 0.5 percent, both below economists' expectations.
Shortly after the gold floor trading closed, the dollar index, a gauge measuring the greenback's value against six other major currencies, slipped 0.46 to 77.79, fueling gold's demand of hedge covering dollar's depreciation.
Crude oil, which rose more than 2 dollars a barrel for the most active February contract by the end of gold pit trading, also provided some spillover support to the precious metal.
March silver was up 16 cents to 17.19 dollars per ounce. April platinum gained 30 dollars to 1,432.90 dollars an ounce.
Gold gained the most in a month in London as a drop in the dollar may prompt investors to buy the metal as an alternative asset
ReplyDeletetough pullback in the yellow metal. I am long options. Given the amount the dollar has rallied, gold has held in well.
ReplyDeleteIf they destroy the dollar, they can move all money to digital, outlaw all paper money, gold and silver. Everything tracked
ReplyDeleteGold climbs for second day as Dollar rally pause spurs buying at year-end
ReplyDeleteCommodity Update - Gold Fluctuates After Falling Past Two Days on Dollar Outlook
ReplyDeleteMy homey said he saw kayla pratt & saw nothing but dollar signs like a gold digg'n ass brawd lol
ReplyDeleteMy little 2 year old girl cousin is dressed in a Tupac shirt and a gold jacket with dollar bills on it. LMAO!
ReplyDeleteAlso, just found some ancient chocolate on my glove box. A gold dollar to anyone game enough to eat it all.
ReplyDeleteI need a size 10 in the spacejams. Top dollar paid. Damn I sound like them damn gold buyers. Fa'real though.
ReplyDeletechillin... just here at work... trying to turn a dollar into gold.
ReplyDeleteWill gold prices continue to go up because there is a limited supply, the continued decline in the US dollar, or the global recession?
ReplyDeleteGold futures rallied as the U.S. dollar declined against the euro, yen, British pound and Canadian dollar
ReplyDeleteCanadian stocks rose for a third day, led by gold and energy producers, as the precious metal rallied on a weaker U.S. dollar
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