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Gold rises on GDP fall

English.news.cn   2013-01-31 05:34:06            

CHICAGO, Jan. 30 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose sharply on the U.S. GDP fall Wednesday.

The most active gold contract for April delivery rose 18.9 dollars, or 1.14 percent, to settle at 1,681.6 dollars per ounce.

The U.S. Commerce Department reported Wednesday that the U.S. gross domestic product (GDP) shrunk 0.1 percent in the fourth quarter of 2012, down from 3.1 percent in the third quarter. The out-of-expected GDP drop boosted gold's safe-haven appeal.

Seasonally strong jewelry demand in Asia, along with the central bank participation in Russia, also supported gold.

Shortly after the close of floor trading, the Federal Open Market Committee (FOMC) concluded its two-day meeting and announced that the Federal Reserve will keep buying 85 billion dollars of mortgage bonds and treasury a month, which is certainly favorable to gold.

Silver for March delivery gained 99.3 cents, or 3.18 percent, to close at 32.177 dollars per ounce. Platinum for April delivery rose 10.4 dollars, or 0.62 percent, to close at 1,689.3 dollars per ounce.

Editor: Mu Xuequan
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