Gold futures ended sharply higher Wednesday, registering a fifth straight gain in the precious yellow metal as turmoil in China roiled markets for a second day.With that backdrop, gold has drawn some haven appeal from investors looking to turn to assets safer than stocks.
Gold also benefited from weakness in the dollar, measured by the ICE U.S. Dollar Index DXY, +0.17% a measure of the dollar’s strength against a basket of six rival currencies, which sunk 1% Wednesday and is off 1.3% for the week. A weaker dollar is a boon for dollar-denominated gold, making it more attractive to buyers in other currencies. See:China intervenes to support tumbling yuan.
Amid the turmoil, gold has tacked on nearly $30 since Friday, when the precious metal closed at $1,094.10 an ounce. Gold futures for December delivery GCZ5, -0.13% ended up $15.90, or 1.4%, to trade at $1,123.60 an ounce.
Meanwhile, September silver SIZ5, -0.60% gained about 20 cents, or 1.3%, at $15.48 an ounce.
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