CHICAGO, May 15 (Xinhua): Gold futures on the COMEX division of the New York Mercantile Exchange rose yesterday as US equities declined.
The most active gold contract for June rose 11.1 US 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.
Gold up on poor US stock market performance
FE Team | Published: May 16, 2014 00:00:00 | Updated: November 30, 2026 06:01:00
Share if you like