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Gold up on Uncertainty of U.S. Senate Race in Georgia

Gold futures on the COMEX division of the New York Mercantile Exchange rose on Tuesday as investors hedged bets ahead of the U.S. Senate election in Georgia.

The most active gold contract for February delivery rose 7.8 U.S. dollars, or 0.4 percent, to close at 1,954.4 dollars per ounce.

Investors were carefully monitoring the election for U.S. Senate in the state of Georgia, which will determine whether Democrats or Republicans will control the Senate.

Investors remained concerned about the impending rise in COVID-19 cases from U.S. holiday travel, and the slow rollout of the COVID-19 vaccine. Investors were also concerned about a new strain of COVID-19, which has been detected in the United States.

Nevertheless, upbeat economic data dampened gold and prevented it from rising higher. The Institute for Supply Management reported on Tuesday that its manufacturing index climbed to 60.7 percent in December from 57.5 percent in November, the highest level since August 2018.

Silver for March delivery rose 27.6 cents, or 1.01 percent, to close at 27.64 dollars per ounce. Platinum for April delivery rose 48.1 dollars, or 4.49 percent, to close at 1,119.6 dollars per ounce.

(www.chinaview.cn 2021-01-07)