Thu, 21 Oct 2021

Gold rises on stock market slump

Xinhua
21 Sep 2021, 05:05 GMT+10

CHICAGO, Sept. 20 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose on Monday as U.S. stock market indexes slumped.

The most active gold contract for December delivery rose 12.4 U.S. dollars, or 0.71 percent, to close at 1,763.8 dollars per ounce.

Falling global stock markets and good physical demand in Asia supported gold, market analysts hold.

U.S. Federal Reserve's two-day monetary policy meeting will begin on Tuesday and end on Wednesday with a statement and press conference from Fed Chairman Jerome Powell.

The National Association of Home Builders' monthly confidence index increased one point to a reading of 76 in September, capping gold's rise somewhat.

Silver for December delivery fell 13.3 cents, or 0.6 percent, to close at 22.204 dollars per ounce. Platinum for October delivery fell 31.4 dollars, or 3.37 percent, to close at 899.2 dollars per ounce.

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