Gold settles higher, extends climb to 6-year high; silver ends at loftiest level since 2016

Gold settles higher, extends climb to 6-year high; silver ends at loftiest level since 2016

Business

Gold continues to shine by jumping over previous losses on Wednesday and finishing at a 6-year high, buoyed by weakness in dollar and economic tensions.

On the other hand, the prices of silver outpaced gains of gold to end at loftiest level for a 3rd straight session.

Gold for December 2019 added USD 4.50 or around 0.3 percent to settle down at USD 1560.40 per ounce after raising 1.7 percent Tuesday on COMEX, as per the data by FactSet.

Prices of gold had spent some parts trading at lower rates in the session, pressed by recovery in value across worldwide equity markets due to signs that the tensions prevailing in Hong Kong were easing momentarily.

December silver delivery rose by 1.6 percent or 31 cents at USD 19.547 per ounce, furthering its 4.9 percent hike from Tuesday as well as marking its most elevated level since 26 September 2016.

Silver still is catching up along with gold as well as trading in extremely heavy volume, Rhona O’Connell from INTL FCStone said.

On the other hand, the other metals which were traded on COMEX completed higher, with copper for December high by 2.7 percent or 6.7 cents, at USD 2.595 per pound.

Darren Stocking

After working for years in a Mechanical firm, Darren aimed towards the internet platform to reach the millennial generation of news readers and started Feed Leader. His experience and influence helps provide the website with all the latest news in Business niche.

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