Gold futures were in rally mode on Thursday ahead of Federal Reserve Chairman nominee Janet Yellen’s testimony at her confirmation hearing.
In prepared comments for the hearing released Wednesday, she said that while the U.S. economy has made “good progress” since the depths of the recession, it’s still “far short” of its potential.
Gold for December delivery surged $16.10, or 1.3%, to $1,284.50 an ounce after the remarks. Silver performed even better, up 40 cents, or 2%, to $20.84 an ounce.
A day earlier, gold futures had fallen for a fifth straight session, hovering at one-month lows.
“Generally, the past few weeks have seen the market place move up its Fed-tapering expectations by at least several months,” said Kitco’s Jim Wyckoff. “This has boosted the U.S. dollar against its rivals, which in turn has been a bearish underlying factor for the raw-commodity sector.”
Elsewhere, December palladium added $2.30, or 0.3%, to $737.75 an ounce, while January platinum jumped $11.90, or 0.8%, to $1,443.90 an ounce.
High-grade copper , which closed Wednesday at its lowest level in more than three months, managed a 2-cent, or 0.5%, gain to $3.18 a pound.
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6 HOURs agoUpdate
Hong Kong stocks rise, with mainland banks strong
LOS ANGELES (MarketWatch) — Hong Kong stocks rose in early Thursday trading, joining regional gains after a rise for Wall Street shares overnight, with the Hang Seng Index up 0.6% at 22,591.11. Hong Kong’s mainland-tracking Hang Seng China Enterprises Index added 0.7%, though the Shanghai Composite rose a more modest 0.1%. The top Chinese banks were broadly higher, as Industrial & Commercial Bank of China Ltd. and China Merchants Bank Co. added 1% apiece, and China Construction Bank Corp. rose 0.9%. Shares of Tencent Holdings Ltd. bounced back from recent losses, rising 2.1% after the Internet firm posted higher profit and revenue, though the results trailed analysts’ expectations. Clothing stocks also moved solidly higher, with Esprit Holdings Ltd. up 2.4%, and Giordano International Ltd. adding 1.1% to its share price following news it’s forming a joint venture in Vietnam.
Source : Marketwatch
