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Gold keeps rising for fifth session

English.news.cn   2014-02-12 05:12:21

CHICAGO, Feb. 11 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange kept rising for the fifth session Tuesday as Federal Reserve Chair Janet Yellen indicated the Fed would stay the policy course on plans to gradually cut stimulus.

The most active gold contract for April delivery rose 15.1 U.S. dollars, or 1.18 percent, to settle at 1,289.8 dollars per ounce.

Investors were relieved as Yellen, in her testimony to U.S. Congress, made it clear that she would not make any abrupt changes to U.S. monetary policy mapped by her predecessor Ben Bernanke.

Meanwhile, a weak dollar and strong demand from China also supported gold.

Market analysts believe that the positive performance of gold in the past five days is building a better technical picture of the gold market, which may lure more buying into the market.

Investors are closely watching the 1,300-dollar level to see if the market can hold above it.

Silver for March delivery gained 4.1 cents, or 0.2 percent, to close at 20.153 dollars per ounce. Platinum for April delivery climbed 1.9 dollars, or 0.14 percent, to close at 1,387.8 dollars per ounce.

Editor: Mu Xuequan
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