Fri, 01 Dec 2023

Gold rebounds in correction

23 Sep 2023, 04:55 GMT+10

CHICAGO, Sept. 22 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose on Friday in correction following Thursday's fall.

The most active gold contract for December delivery rose 6.00 U.S. dollars, or 0.31 percent, to close at 1,945.60 dollars per ounce.

Several senior Federal Reserve officials said on Friday that the U.S. central bank might not be done raising interest rates and that rates are likely to stay "higher, and for longer, than previous projections had suggested."

While there are promising signs inflation continues to slow, "I continue to hear about the challenges households and firms face related to too-high inflation," said Boston Federal Reserve President Susan Collins.

The Federal Reserve left its benchmark short-term interest rate unchanged at a range of 5.25 percent to 5.5 percent on Wednesday. Yet it left open the door for another rate hike before year end if inflation doesn't slow further toward the Fed's 2-percent target.

Economic data released Friday were mixed. The S&P Global Flash U.S. Services Business Activity Index came in at 50.2 in September, down from 50.5 in August, and hitting its lowest level in eight months.

The S&P flash U.S. manufacturing purchasing managers' index (PMI), which measures the activity of managers in the manufacturing sector, added one point to 48.9 in September, up from 47.9 in August.

Silver for December delivery rose 15.70 cents, or 0.66 percent, to close at 23.844 dollars per ounce. Platinum for October delivery rose 9.50 dollars, or 1.03 percent, to close at 934.10 dollars per ounce.

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