Gold futures extend gains amid safe haven appetite

Xinhua News Agency | Aug 15, 2019 at 8:55 PM

CHICAGO, Aug. 15 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange settled moderately higher on Thursday despite some recovery in the U.S. stock market.

The most active gold contract for December delivery went up 3.40 U.S. dollars, or 0.22 percent, to close at 1,531.20 dollars per ounce.

Gold futures posted double-digit gains during the previous session as key U.S. stock benchmark indexes slipped over 2 percent amid widespread fear of possible recession.

On Thursday, the Dow Jones Industrial Average rose moderately while Nasdaq was still in the negative territory.

Many investors continued to shun riskier stocks for safe haven assets, such as gold, said market analysts.

Meanwhile,the U.S. dollar index, a measure of the greenback against a basket of other major currencies, stayed firmer on Thursday. A stronger dollar curbed the rise of gold as it became more expensive for investors holding other currencies.

As for other precious metals, silver for September delivery was down 6.6 cents, or 0.38 percent to close at 17.214 dollars per ounce. Platinum for October delivery was down 6 dollars, or 0.71 percent, to settle at 842.00 dollars per ounce.