Gold rises amid world economy uncertainty
As of 06.53 SGT time, the price of June gold futures on the New York stock exchange Comex rose by 0.8%, or US$13.4, to US$1753.8 per troy ounce. May silver futures grew by 1.42% - to US$15.723 per ounce.
Traders prefer reliable assets, which include gold, amd the continuing uncertainty in surrounding global economy because of the coronavirus pandemic.
Investors also follow reports of the largest American companies, which began to publish financial results in the first quarter of this year. Thus, Morgan Stanley and investment firm Blackrock have published their reports. Their net profit in the first quarter fell by 30% and 23% respectively.
In addition, the demand for gold is supported by weak statistics from the United States. Thus, the number of new buildings in the country fell by 22.3% in March, to 1.216 million. Analysts expected a less strong decline, to 1.3 million. The number of applications for unemployment benefits in the U.S. over the past week decreased by 1.37 million instead of the expected decline by 1.501 million applications. The figure was 5.3 million applications.