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

Xinhua, January 17, 2015 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange rose on Friday, hitting its highest level since September 2014 in a continued reaction to Switzerland's abandoning of a cap on the franc.

The most active gold contract for February delivery gained 12.1 U.S. dollars, or 0.96 percent, to settle at 1,276.9 dollars per ounce.

Traders scrambled to safe-haven assets such as gold after the Swiss National Bank stunned currency market by lifting a three- year-old cap on the Swiss franc Thursday, increasing the value of the franc relative to the euro. Analysts say the bank's move indicates that the European Central Bank (ECB) will begin a large amount of quantitative easing in the eurozone. They expect the ECB to unveil a bond-buying program during the scheduled policy meeting on Jan. 22 in an effort to fight deflation.

February gold rose on Friday for the sixth session in a row, settling at the highest price since Sept. 2.

However, a cap was set on gold's rise as the U.S. Dollar Index Spot rose by 0.35 percent to 92.6750. The Dollar Index Spot is a measure of the dollar against a basket of other currencies. The dollar and gold usually move in opposite directions.

Silver for March delivery increased 64.8 cents, or 3.79 percent, to close at 17.75 dollars per ounce. Platinum for April delivery gained 6.6 dollars, or 0.52 percent, to close at 1,269.40 dollars per ounce. Endite