COMMODITY
Gold futures finish sharply higher on safe haven appeal
Aug-13-2024
Gold futures finished sharply higher on Monday, whetted by the safe haven appeal of the bullion as geopolitical tensions heightened after Israeli military strikes on Khan Younis on Monday, resulted in the deaths of at least 18 people and left several others injured. Risk aversion ahead to US producer price data due later today, anticipation of September interest rate cuts, sliding dollar and weaker US Treasury bond yield notes also supported investment appeal of the yellow metal.

Gold futures for December delivery surged by $30.60 or 1.22% to $2,504.00 per ounce on the Comex division of the New York Mercantile. While, spot gold dipped by $10.49 or 0.42% to settle at $2,462.41 an ounce.

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