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Gold closes at highest level since mid-November

English.news.cn   2014-02-11 05:44:20

CHICAGO, Feb. 10 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange Monday closed at the highest level since mid-November of 2013 as Chinese buyers returned to the gold market after the 7-day Chinese Lunar New Year holiday.

The most active gold contract for April delivery rose 11.8 dollars, or 0.93 percent, to settle at 1,274.7 dollars per ounce.

China Gold Association reported on Feb. 10 that China's gold consumption for the first time exceeded 1,000 tons to reach 1,176. 40 tons in 2013, a year on year increase of 41.36 percent. Meanwhile, China's gold output rose 6.2 percent in 2013 to a record 428.16 tons.

Investors were also a bit nervous as Federal Reserve Chairwoman Janet Yellen is due to testify on monetary policy Tuesday in front of the House Financial Services Committee, her first appearance since taking over the position from Ben Bernanke.

Gold prices have risen around 6 percent since the beginning of this year as stock markets have retreated worldwide due to currency turmoils in some emerging markets.

But market analysts doubt if gold prices can retain its recent gains as the pessimistic sentiment of investors has not changed.

Silver for March delivery gained 17.6 cents, or 0.88 percent, to close at 20.112 dollars per ounce. Platinum for April delivery climbed 6.7 dollars, or 0.49 percent, to close at 1,385.9 dollars per ounce.

Editor: Mu Xuequan
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