New York gold futures closed higher overnight (Sept. 3) as investors flocked to gold contracts as a safe haven asset. After the United States revealed lower-than-expected employment numbers. This indicates that the US economy has not yet recovered from the impact of COVID-19. that continues to spread
The COMEX (Commodity Exchange) gold contract will be delivered in December. It rose $22.2, or 1.23%, at $1,833.7/ounce. and rose about 0.8% this week.
- Silver metal contract for delivery in December It was up 88.4 cents, or 3.7%, at $24.802 an ounce.
- The platinum contract was delivered in October. It was up $27.4, or 2.76 percent, at $1,021.6 an ounce.
- Palladium contract delivered in December Up $15.90 or 0.7% to close at $2,416.30 an ounce.
Gold contracts gain buying momentum as a safe haven asset. After the US Department of Labor reported on Friday that Non-farm payrolls rose just 235,000 in August. That was lower than analysts’ estimates of 720,000 positions and 1,053,000 positions in July.
The unemployment rate dropped to 5.2 percent in August, in line with analysts’ expectations. after hitting 5.4% in July.
Gold contracts were also driven by investors’ expectations. The US Federal Reserve (Fed) will not accelerate a cut in its quantitative easing (QE) bond-buying program after the release of weak job numbers.
In addition, the weaker US dollar after the release of employment figures has also helped to support the gold contract A weaker dollar will increase the attractiveness of gold. by making gold contracts cheaper for holders of other currencies
The dollar index, which measures the dollar’s movements against six major currencies in a basket of currencies, fell 0.21% to 92.0327.
By InfoQuest News Agency (04 Sept. 64)
Tags: COMEX, gold, new york gold, gold price
