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Gold rises on turbulence in emerging markets

English.news.cn   2014-01-30 05:56:01

CHICAGO, Jan. 29 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose Wednesday on unstable financial situations in emerging markets.

The most active gold contract for February delivery rose 11.4 U. S. dollars, or 0.91 percent, to settle at 1,262.2 dollars per ounce.

Turkey's central bank raised all its key interest rates in dramatic fashion late Tuesday, resulting in the lira's biggest one- day gain in more than five years. But its gains of almost 4 percent on the day quickly faded in later trade on Wednesday as the market switched its focus to the U.S. Federal Reserve's monetary policy decision.

South African central bank Wednesday also raised its key rate to 5.5 percent, the highest it has been since July 2012, setting rand into freefall against the U.S. dollar.

U.S. Federal Reserve's tapering announcement did not come until the floor trading of gold on COMEX closed. As expected, the Fed decided to cut its bond-buying program by another 10 billion dollars a month to 65 billion dollars starting February. Gold prices then fluctuated around 1,263 dollars an ounce in electronic trading.

A slump of equities on Wall Street Wednesday also lent certain support to gold.

Silver for March delivery gained 4.9 cents, or 0.25 percent, to close at 19.552 dollars per ounce, while platinum for April delivery dropped 1.3 dollars, or 0.09 percent, to close at 1,408.1 dollars per ounce.

Editor: Mu Xuequan
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