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Gold rises on U.S. equities weakness

Sep 17, 2022

Chicago [US], September 17: Gold futures on the COMEX division of the New York Mercantile Exchange rose on Friday as U.S. equities fell.
The most active gold contract for December delivery rose 6.2 U.S. dollars, or 0.37 percent, to close at 1,683.5 dollars per ounce.
Gold fell 2.6 percent for the week.
Gold found additional support as the University of Michigan's (UM) preliminary September reading of consumer sentiment index came in at 59.5, up from 58.2 in August.
Meanwhile, UM survey's reading of one-year inflation expectations dropped to 4.6 percent in September from 4.8 percent in August, the lowest since September 2021. The survey's five-year inflation outlook slipped to 2.8 percent, falling below the range from 2.9 percent to 3.1 percent for the first time since July 2021.
Gold market also saw some bargain hunters as prices are way too cheap, market analysts hold.
Investors are waiting for the Federal Reserve's monetary policy meeting next week and the decision on interest rate hike.
Silver for December delivery rose 11.2 cents, or 0.58 percent, to close at 19.381 dollars per ounce. Platinum for October delivery fell 2.7 dollars, or 0.3 percent, to close at 901 dollars per ounce.
Source: Xinhua

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