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Gold futures rise as political upheaval dents risk appetite

Xinhua, May 10, 2017 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange close higher as investors favored haven plays on the heels of more upheaval in Washington, D.C.

The most active gold contract for June delivery rose 2.8 U.S. dollars, or 0.23 percent, to settle at 1,218.90 dollars per ounce.

Action in metals trading comes against the backdrop of President Donald Trump's dismissal late Tuesday of Federal Bureau of Investigation Director James Comey over what the White House said was his handling of the investigation into Hillary Clinton's emails; Trump critics were quick to point out the firing takes place as an investigation into Russian meddling in the election continues.

As measured by the U.S. dollar Index, the dollar was up less than 0.1 percent at 99.69 as of 1830 GMT. A stronger buck makes commodities priced in the currency, like gold, less attractive to buyers using weaker monetary units.

Silver for July delivery added 14 cents, or 0.87 percent, to close at 16.207 dollars per ounce. Platinum for July delivery went up 9 dollars, or 1 percent, to close at 909.9 dollars per ounce. Enditem