The New York gold futures closed positive tonight (16 Dec) in response to progress in the releaseEconomic stimulus measuresofUnited States In addition informationThe sluggish economy ofUnited StatesIt is also a factor to buy gold as a safe asset. This includes retail sales for the second consecutive month due to the impact of the coronavirus outbreak.
COMEX (Commodity Exchange) gold contract for February delivery It was up $ 3.8, or 0.2 percent, to $ 1,859.1 an ounce. Which is the highest closing level since Dec. 8 this year
Silver metal contract for March delivery They were up 40.8 cents, or 1.66 percent, to 25.052 dollars / ounce.
Platinum contract delivered in Jan. It was down $ 3.9, or 0.38 percent, to $ 1,035.4 an ounce.
Palladium contract delivered in March. Up $ 24.20, or 1%, to $ 2,348.20 an ounce.
The gold contract closed for the second consecutive day last night. Responding to progress on the U.S. economic stimulus package, Senate Majority Leader Mitch McConnell said Congress leaders had made progress in talks on issuing a stimulus. To remedy people and businesses affected by the COVID-19 outbreak. Including provisional budget legislation to avoid government shutdowns due to budget shortages (shutdown)
If Congress is unable to reach an agreement It will cause government agencies to face a shutdown on Dec. 19 and unemployed Americans will not receive compensation from unemployment benefits on Dec. 26.
The sluggish US economic data is also driving gold as a safe haven asset. By the US Department of Commerce stated that November retail sales fell 1.1% in November, a second month of decline due to the impact of the COVID-19 outbreak. And the decrease in household income Because many Americans suffer from unemployment.
On the IHS side Marquit stated that The US purchasing managers’ index (PMI) preliminary December dropped to 56.5, the lowest in two months from 56.7 in November. December fell to 55.3, the lowest in three months from 58.4 in November.
Investors watched the outcome of the Federal Reserve (Fed) meeting, with the New York gold market closing before the Fed’s Monetary Policy Committee (FOMC) released the results.
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