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Gold closes higher

English.news.cn   2014-02-13 05:41:11

CHICAGO, Feb. 12 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange kept rising for the sixth session Wednesday, closing at the highest level since Nov. 7 of 2013.

The most active gold contract for April delivery rose 5.2 dollars, or 0.4 percent, to settle at 1,295 dollars per ounce.

Gold prices have risen 3.5 percent in the past six sessions, marking the longest gain since the six-session climb that ended on June 15, 2012.

Market analysts attributed gold price hike Wednesday to prolonged effect of Federal Reserve Chairwoman Janet Yellen's testimony to U.S. Congress, when she said the central bank will remain on the loose-monetary path. Fed's decision making and upcoming economic data will be major influences on gold at present, they hold.

Analysts also said that 1,300 dollars may not be the most important near-term level for gold. The key level should be 1,320 dollars, where there are heavy congestions. But they warned not to expect gold prices to reach a record level soon.

Market consensus is that gold has found support at 1,200 dollars right now.

Silver for March delivery gained 18.8 cents, or 0.93 percent, to close at 20.341 dollars per ounce. Platinum for April delivery climbed 19.5 dollars, or 1.41 percent, to close at 1,407.3 dollars per ounce.

Editor: Mu Xuequan
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