Gold rises despite positive economic figures

Source:Xinhua Published: 2014-4-17 10:04:44

Gold futures on the COMEX division of the New York Mercantile Exchange rose Wednesday despite positive economic figures.

The most active gold contract for June delivery rose 3.2 dollars, or 0.25 percent, to settle at 1,303.5 dollars per ounce.

US economic data released Wednesday indicated US industrial production grew more than forecast in March, primarily on the heels of mining and utilities output. Data also showed that US new homes construction in March grew at the fastest pace since January.

US Federal Reserve Chairwoman Janet Yellen spoke to the Economic Club of New York Wednesday, projecting full employment and stable prices by the end of 2016. As a result, she planned on continuing to reduce asset purchases by 10 billion dollars each month.

But, market analysts hold that gold may have found certain support on Chinese economic data released Wednesday, which showed that China's gross domestic product (GDP) expanded 7.4 percent year on year in the first quarter of this year, lower than the 7.7- percent in the previous quarter and below the government's target of 7.5 percent.

Tensions in Ukraine may also have contributed to gold's rise Wednesday.

Market analysts hold that gold may continue rising as long as tensions in Ukraine are in the headlines.

Silver for May delivery gained 14.5 cents, or 0.74 percent, to close at 19.634 dollars per ounce. Platinum for July delivery dropped 6.8 dollars, or 0.47 percent, to close at 1,437.8 dollars per ounce.

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