Gold gains after Bernanke says recession ends
www.chinaview.cn 2009-09-16 05:50:34   Print

    CHICAGO, Sept. 15 (Xinhua) -- Gold futures on the COMEX Division of the New York Mercantile Exchange rose back above 1,000 dollars on Tuesday, buoyed by the Federal Reserve chairman Ben Bernanke's words that the recession is probably over. Silver and platinum both ended higher.

    Gold price for December delivery climbed 5.20 U.S. dollars, or 0.5 percent, to finish at 1,006.30 dollars an ounce, although the contract dipped as low as 993 dollars in the morning session.

    Bernanke indicated at the Brookings Institution in Washington that the worst recession since the 1930s is "very likely over at this point" and the economy likely is growing now. But at the same time, he warned that "it's still going to feel like a very weak economy for some time."

    The Fed chairman's view on economy fueled the whole commodity markets as investors believe that demands for commodities will increase as the economy recovers. Crude oil, copper in New York and grains in Chicago Board of Trade rallied after Bernanke's words.

    The jumping retail sales in August provided evidence to Bernanke's optimistic comments. The Commerce Department reported on Tuesday that August retail sales unexpectedly rose a seasonally adjusted 2.7 percent. That's the largest gain since January 2006.

    A weak dollar gave gold additional support, helped the precious metal climb back above the key level of 1,000 dollars.

    December silver finished at 17.00 dollars per ounce, up 37.7 cents. October platinum rose 60 cents to 1,320.30 dollars an ounce. 

Editor: Mu Xuequan
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