Gold up on technical trading

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CHICAGO, July 7 (Xinhua) — Gold futures on the COMEX division of the New York Mercantile Exchange rose on Tuesday as technical trading brought the precious metal higher.

The most active gold contract for August delivery rose 16.4 U.S. dollars, or 0.91 percent, to close at 1,809.9 dollars per ounce.

Technical trading was the feature of the day as analysts noted that traders “bought the dip” when there was some brief intraday profit-taking that drove the precious metal down.

Safe haven appetite for the precious metal remains strong as the COVID-19 outbreak continues in countries across the globe, and gains momentum across the United States in states like Florida, California, and Texas. Investors are further drawn to gold as governments stimulate their economies, triggering inflation.

Gold also found support as stock market indexes were mostly down on Tuesday, with one of the exceptions being China’s Shanghai Composite.

The Job Openings and Labor Turnover Survey released by the U.S. Department of Labor on Tuesday showed 6.5 million people back in jobs in May. Job openings increased to 5.4 million in May. The report was in line with expectations and did not greatly influence the price of gold.

Silver for September delivery rose 11.7 cents, or 0.63 percent, to close at 18.699 dollars per ounce. Platinum for October delivery rose 25.5 dollars, or 3.04 percent, to close at 863.2 dollars per ounce. Enditem

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