Xinhua, Chicago :
Gold futures on the COMEX division of the New York Mercantile Exchange rose yesterday as uncertainty triggered by airstrikes in Yemen drove investors to safe haven assets.
The most active gold contract for April delivery rose 7.8 U.S. dollars, or 0.65 percent, to settle at 1,204.80 dollars per ounce.
Tensions intensified in the Middle East after Saudi Arabia and its Gulf Arab allies began a military operation in Yemen.
Saudi Arabia, the United Arab Emirates, Kuwait, Bahrain and Qatar said on Thursday they had decided to act to protect Yemen against “aggression” by the Houthi militia, according to a joint statement.
However, the dollar dampened investors’ rush to gold as the dollar index, a measure of the greenback against a basket of major currencies, rose on an upbeat jobs report. Gold and the dollar typically move in opposite directions which means if the dollar goes up, gold futures will fall as gold, measured by the dollar, becomes more expensive for investors.
The U.S. Department of Labor said on Thursday initial jobless claims fell sharply during the March 21 week by 9,000, down to 282, 000. This put pressure on gold as the report was slightly better than expected. However, analysts caution that it is unlikely that it will influence the regular jobs report later this month.
Silver for May delivery rose 14 cents, or 0.82 percent, to close at 17.14 dollars per ounce. Platinum for April delivery added 7.5 dollars, or 0.65 percent, to close at 1,154.00 dollars per ounce.
Gold futures on the COMEX division of the New York Mercantile Exchange rose yesterday as uncertainty triggered by airstrikes in Yemen drove investors to safe haven assets.
The most active gold contract for April delivery rose 7.8 U.S. dollars, or 0.65 percent, to settle at 1,204.80 dollars per ounce.
Tensions intensified in the Middle East after Saudi Arabia and its Gulf Arab allies began a military operation in Yemen.
Saudi Arabia, the United Arab Emirates, Kuwait, Bahrain and Qatar said on Thursday they had decided to act to protect Yemen against “aggression” by the Houthi militia, according to a joint statement.
However, the dollar dampened investors’ rush to gold as the dollar index, a measure of the greenback against a basket of major currencies, rose on an upbeat jobs report. Gold and the dollar typically move in opposite directions which means if the dollar goes up, gold futures will fall as gold, measured by the dollar, becomes more expensive for investors.
The U.S. Department of Labor said on Thursday initial jobless claims fell sharply during the March 21 week by 9,000, down to 282, 000. This put pressure on gold as the report was slightly better than expected. However, analysts caution that it is unlikely that it will influence the regular jobs report later this month.
Silver for May delivery rose 14 cents, or 0.82 percent, to close at 17.14 dollars per ounce. Platinum for April delivery added 7.5 dollars, or 0.65 percent, to close at 1,154.00 dollars per ounce.
