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

Xinhua, February 14, 2015 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange rose on Friday as the dollar weakened amid U.S. data showing weaker consumer sentiment.

The most active gold contract for April delivery rose 6.4 U.S. dollars, or 0.52 percent, to settle at 1,227.10 dollars per ounce.

Gold was given a boost as a report from the University of Michigan showed the consumer sentiment index falling to 93.6 in mid-February, compared to January's reading of 98.1 which analysts say was the best reading of the index in 11 years.

The precious metal was also given a lift by a weaker U.S. dollar. The Dollar Index fell by 0.01 percent to 94.18 on Friday. The index is a measure of the dollar against six major currencies. Gold and the dollar typically move in opposite directions, which means if the dollar goes up, gold futures will fall as gold, measured by the dollar, becomes more expensive for investors.

Silver for March delivery added 50 cents, or 2.98 percent, to close at 17.294 dollars per ounce. Platinum for April delivery gained 7 dollars, or 0.58 percent, to close at 1,207.50 dollars per ounce. Endite