CHICAGO, Oct. 20 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose on Friday as the U.S. dollar weakened.
The most active gold contract for December delivery rose 13.90 U.S. dollars, or 0.70 percent, to close at 1,994.40 dollars per ounce.
Investors continued to turn to safe haven gold ahead of the expected ground invasion of Gaza by Israel. If the Middle East conflict escalates, market analysts hold that gold prices will rise above 2,000 dollars.
Speaking before a gathering of the Shadow Open Market Committee, Cleveland Fed President Loretta Mester said Friday that she believes the central bank leans toward another rate hike.
"Regardless of the decision made at our next meeting, if the economy evolves as anticipated, in my view, we are likely near or at a holding point on the funds rate as we accumulate more information on economic and financial developments and assess the effects of the tightening in financial conditions that has already occurred," Mester said.
Federal Reserve Chair Jerome Powell left open the possibility for more rate hikes in his speech on Thursday.
Silver for December delivery rose 47.30 cents, or 2.05 percent, to close at 23.504 dollars per ounce. Platinum for January delivery rose 6.90 dollars, or 0.77 percent, to close at 905.10 dollars per ounce. ■
