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1st LD Writethru: Gold rallies for third session in row

Xinhua, January 14, 2015 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange rose for third session in a row on Tuesday, though equities recovery and a stronger U.S. dollar capped gains..

The most active gold contract for February delivery gained 1.6 U.S. dollars, or 0.13 percent, to settle at 1,234.4 dollars per ounce.

February gold peaked at 1,244.5 U.S. dollars, its highest level since Oct. 23, 2014, as oil prices continued their selloff, adding to worries on the outlook for global growth and inflation.

Gains in gold, however, were trimmed by U.S stocks bouncing back strongly and the U.S. dollar hitting the 9-year highest level against the Euro on Tuesday. Gold and the dollar/stocks typically move in opposite directions.

Gold futures rose by more than 4 percent since 2015 as investors sought refuge from volatility in global equity markets following crude slumping to a near six-year low.

While this is still a long way down from its historical peak, some analysts say it is still pricey. They expect the Fed to begin raising rates this year.

Silver for March delivery increased 59.2 cents, or 3.57 percent, to close at 17.156 dollars per ounce. Platinum for April delivery gained 6.8 dollars, or 0.55 percent, to close at 1,247.8 dollars per ounce. Endite