August 30, 2009
Gold futures on the COMEX Division of the New York Mercantile Exchange ended much higher on Friday as the disappointing consumer confidence data fueled gold's safe-haven appeal. Silver and platinum both gained.
Gold price for December delivery rose 11.50 U.S. dollars, or 1.2 percent to finish at 958.80 dollars an ounce, touching as high as 964.60 earlier in the session.
Consumer confidence still remains at its lowest level in four months. Reuters/University of Michigan Surveys of Consumers said its final index of confidence fell to 65.7 in August from 66 in the previous month. This is also the second month in a row confidence has fallen.
The weak confidence in consumer market, which is considered as the most important aspect of U.S. economy, raised worries on the pace of recovery, which strengthened gold's attraction of safe-haven.
December silver finished at 14.815 dollars per ounce, up 56.4 cents. October platinum climbed 5.40 dollars to 1245.90 dollars an ounce.