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Gold rises on weaker US dollar

Gold futures on the COMEX division of the New York Mercantile Exchange rose slightly on Tuesday (Nov. 22) as the US dollar weakened.

Gold futures on the COMEX division of the New York Mercantile Exchange rose slightly on Tuesday (Nov. 22) as the US dollar weakened.

The most active gold contract for December delivery rose US$0.3, or 0.02 percent, to close at US$1,739.9 per ounce.

Gold is basically steady ahead of US Thanksgiving Day holiday on Thursday (Nov. 24).

Gold has risen around 6 percent on short covering so far in November. Market analysts hold that speculative traders now carry net long positions in gold futures.

Silver for December delivery rose 17.7 cents, or 0.85 percent, to close at US$21.049 per ounce. Platinum for January delivery rose US$7.8, or 0.79 percent, to close at US$995.7 per ounce.

(Source: Xinhua)

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