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1st LD Writethru: Gold up on weak U.S. equities, dollar

Xinhua, February 10, 2015 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange rose on Monday as U.S. equities weakened and the dollar fell.

The most active gold contract for April delivery rose 6.9 U.S. dollars, or 0.56 percent, to settle at 1,241.50 dollars per ounce.

Gold rose as the dollar spot index, a measure of the dollar against a basket of major currencies, fell 0.25 percent to 94.4570 as U.S. equities weakened. Gold and the dollar typically move in opposite directions, as if the dollar goes up, gold, measured by the dollar, will become more expensive for investors, dragging down gold futures.

Financial turmoil continues in Greece as Prime Minister Alexis Tsipras said Greece could not continue to pay off its debt, and said he would ask for a bridge loan instead of an extension on the country's troubled international bailout. This gave gold a boost as it lowered U.S. and European equities, sending investors to gold as a safe haven.

Silver for March delivery rose 37.6 cents, or 2.25 percent, to close at 17.07 dollars per ounce. Platinum for April delivery dropped 1.2 dollars, or 0.10 percent, to close at 1,220.40 dollars per ounce. Endite