Skip to main content

MoneyWorks4Me

Gold futures finish higher on safe haven appeal

02 Dec 2023 Evaluate

Gold futures finished higher on Friday, kindled by the safe haven appeal amid woes over global economic slowdown and persisting Middle East conflicts. Moreover, easing dollar rates and sliding US Treasury Bond yield coupled with the bets of dovish Federal Reserve stance also supported the yellow metal investments. The precious metal for the most active contract marked third straight weekly gain, by jumping about 2.3%, followed by its second straight monthly gain of 2.7%.

Gold futures for February delivery rose by $32.5 or 1.50% to $2089.7ounce on the Comex division of the New York Mercantile. Spot gold added by $35.81 points or 1.76% to $2,072.22 per ounce.