Investing.com – Gold futures extended gains in Asian mid-day trade Wednesday, as investors sought safer havens following deep drops on Wall Street and continued debt anxieties in the euro-zone.
On the Comex division of the New York Mercantile Exchange, gold futures for October delivery traded at USD1,655.55 a troy ounce during Asian mid-day trade, edging 0.14% higher.
Gold jumped 2.6% on Tuesday, its biggest gain since early November.
Optimism following the U.S. Senate’s passage of a deal to raise the nation’s USD14.3 trillion debt ceiling was quickly dashed by poor numbers on personal consumption spending and personal income in the U.S.
Personal spending unexpectedly dropped 0.2% in June, the first decline in nearly two years.
Wall Street shares suffered on the news, as the Dow Jones Industrial Average saw its worst one-day drop since June, and U.S. stocks tallied their eighth straight day of losses.
Meanwhile Italy, Europe's second largest debtor nation, sought to ease fears of further decline into debt insolvency as the Italian stock market hit a 27-month low and the nation pondered record bond yields.
And South Korea’s central bank announced it had purchased approximately 25 tons of gold between June and July, in an effort to diversify its foreign reserves .
Elsewhere on the Comex, silver for September delivery rose 0.07% to trade at USD40.77 a troy ounce, while copper for September delivery added 0.26% to trade at USD4.392 a pound.
On the Comex division of the New York Mercantile Exchange, gold futures for October delivery traded at USD1,655.55 a troy ounce during Asian mid-day trade, edging 0.14% higher.
Gold jumped 2.6% on Tuesday, its biggest gain since early November.
Optimism following the U.S. Senate’s passage of a deal to raise the nation’s USD14.3 trillion debt ceiling was quickly dashed by poor numbers on personal consumption spending and personal income in the U.S.
Personal spending unexpectedly dropped 0.2% in June, the first decline in nearly two years.
Wall Street shares suffered on the news, as the Dow Jones Industrial Average saw its worst one-day drop since June, and U.S. stocks tallied their eighth straight day of losses.
Meanwhile Italy, Europe's second largest debtor nation, sought to ease fears of further decline into debt insolvency as the Italian stock market hit a 27-month low and the nation pondered record bond yields.
And South Korea’s central bank announced it had purchased approximately 25 tons of gold between June and July, in an effort to diversify its foreign reserves .
Elsewhere on the Comex, silver for September delivery rose 0.07% to trade at USD40.77 a troy ounce, while copper for September delivery added 0.26% to trade at USD4.392 a pound.