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Gold up on poor U.S. stock market performance

English.news.cn   2014-05-15 08:02:18

CHICAGO, May 14 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose Wednesday as U.S. equities declined.

The most active gold contract for June rose 11.1 U.S. dollars, or 0.86 percent, to settle at 1,305.9 dollars per ounce.

Analysts believe that gold's rise can be attributed primarily to weakness in U.S. equities. They observed sharp rallies in gold were on pull backs in the stock market. Long-term traders are expected to wait until civil war breaks out in Ukraine, or for Russia to attack, which would influence European gas prices, according to analysts.

A report from the U.S. Labor Department indicating that the U.S. wholesale costs had their biggest increase in April since the fall of 2012. The producer-price index (PPI) of the country rose a seasonally adjusted 0.6 percent last month after a revised 0.5 percent increase in the previous month. Analysts believe that price pressures could build after an extended period of low inflation.

Analysts also believe that Chinese demand is tidal and robust, supporting gold's price.

Silver for July delivery gained 22.8 cents, or 1.17 percent, to close at 19.775 dollars per ounce. Platinum for July delivery gained 29.7 dollars, or 2.04 percent, to close at 1,485.7 dollars per ounce.

Editor: Luan
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