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Gold up ahead of long holiday weekend

English.news.cn   2014-07-03 04:54:47

CHICAGO, July 2 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose Wednesday for the fourth session in a row as investors were reluctant to sell ahead of the long holiday weekend.

The most active gold contract for August delivery rose 4.3 dollars, or 0.32 percent, to settle at 1,330.9 dollars per ounce.

Gold extended its gains Wednesday as investors were reluctant to sell their stakes in the precious metal before the U.S. monthly jobs report comes out Thursday. The upcoming July 4th Independent Day weekend is also a major factor.

At one point, gold dipped slightly Wednesday after a report from Automatic Data Processing (ADP) showed that U.S. private sector employers added 281,000 jobs in June, but soon turned upward. According to market analysts, investors believe that Federal Reserve Chairwoman Janet Yellen's dovish tone has added support to gold.

Comex gold floor trading will be closed Friday for the Independence Day holiday.

Silver for September delivery gained 18.5 cents, or 0.88 percent, to close at 21.302 dollars per ounce. Platinum for October delivery dropped 3.5 dollars, or 0.23 percent, to close at 1,511.5 dollars per ounce.

Editor: Mu Xuequan
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