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Gold up on Iraq, steady U.S. interest rates

English.news.cn   2014-06-21 06:03:13

CHICAGO, June 20 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange kept rising Friday as violence continues in Iraq and U.S. interest rates will likely hold steady for the near future.

The most active gold contract for August delivery rose 2.5 dollars, or 0.19 percent, to settle at 1,316.6 dollars per ounce.

Gold ended the week rising 3.34 percent.

Gold held above 1,300 dollars for the second day in a row as violence in Iraq continued. Market analysts say that gold will likely stay in a tight range in the short term, trending on the upside.

Market analysts also attributed gold's strength to Chinese investors selling their physical gold while buying back hedges in the futures market.

Silver for July delivery gained 30.1 cents, or 1.46 percent, to close at 20.949 dollars per ounce. Platinum for July delivery lost 17.2 dollars, or 1.17 percent, to close at 1,457.3 dollars per ounce.

Editor: Mu Xuequan
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