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Gold closes at near 4-month high

English.news.cn   2014-02-25 05:43:03

CHICAGO, Feb. 24 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange Monday closed at the highest level since Oct. 30 on weaker economic data.

The most active gold contract for April delivery rose 14.4 dollars, or 1.09 percent, to settle at 1,338 dollars per ounce.

Markit reported Monday that its index for U.S. service sector hit 52.7 in February, the lowest level in four months; Eurostat, European Union's official statistics agency, said Monday that consumer prices in the 18 countries that use euro dropped a record 1.1 percent in January from December.

Turmoil in Ukraine, increased demand from China and India and geopolitical issues in Venezuela and Egypt also supported gold, market analysts said.

However, long-term factors that dampen gold still exist. Dallas Federal Reserve Bank President Richard Fisher called for cutting the size of the central bank's monthly bond purchase by 10 billion dollars per meeting. Global finance leaders attending the Group of 20 summit which closed this weekend said they would look to boost world growth by more than two trillion dollars in the next few years under a strategy crafted by the International Monetary Fund.

Silver for March delivery gained 26.9 cents, or 1.23 percent, to close at 22.051 dollars per ounce. Platinum for April delivery climbed 13.5 dollars, or 0.95 percent, to close at 1,441.4 dollars per ounce.

Editor: Mu Xuequan
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