Gold rises as U.S. dollar falls

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Xinhua News

29th September 2022 – (New York) Gold futures on the COMEX division of the New York Mercantile Exchange rose on Wednesday as the U.S. dollar fell sharply.

The most active gold contract for December delivery rose 33.8 U.S. dollars, or 2.07 percent, to close at 1,670 dollars per ounce.

The Bank of England joined some Asian central banks in intervening in the markets, driving safe-haven buying as the upcoming October can be a tumultuous month for stock and financial markets.

Gold found additional support as the National Association of Realtors reported Wednesday that the U.S. pending home sales index fell 2 percent in August from July, and contract signings fell year-on-year by double-digit percentages in each region of the United States.

Silver for December delivery rose 54.3 cents, or 2.96 percent, to close at 18.88 dollars per ounce. Platinum for January delivery rose 21.1 dollars, or 2.51 percent, to close at 860.80 dollars per ounce.

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