Gold climbs back above $900 on weak greenback
www.chinaview.cn 2009-04-30 05:50:49   Print

    CHICAGO, April 29 (Xinhua) -- Gold futures on the COMEX Division of the New York Mercantile Exchange ended higher for the first session in three and stood above the key level of 900 U.S. dollars on Wednesday as dollar went down after disappointing GDP data. Silver and platinum rose, too.

    Gold price for June delivery gained 6.90 U.S. dollars, or 0.8 percent, to settle at 900.50 dollars an ounce.

    The Commerce Department reported on Wednesday that U.S. GDP shrank at a worse-than-expected 6.1 percent pace in first quarter, well above economists' expectation of 5 percent, dashing those ideas that the recession's grip on the country loosened in the first quarter.

    The dollar plunged partly due to the unexpected GDP data with the rate against euro dropping almost 2 cents to 1.3324 dollars by the end of floor trading time in COMEX, which was considered to increase the safety appeal of gold.

    A higher crude oil provided some supports to the precious metal as the June oil in New York were up more than 1.7 percent shortly after gold closed.

    July silver finished at 12.775 dollars per ounce, up 34.9 cents. July platinum rose 5.20 dollars to 1106.80 dollars per ounce. ¡¡

Editor: Mu Xuequan
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