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1st LD Writethru: Gold up on worse-than-expected U.S. GDP

Xinhua, February 28, 2015 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange rose on Friday as data showed the U.S. gross domestic product (GDP) grew less than expected.

The most active gold contract for April delivery rose 3 U.S. dollars, or 0.25 percent, to settle at 1,213.10 dollars per ounce

Gold got strong support from a report of the U.S. Department of Commerce, which showed that fourth quarter GDP growth was revised down to 2.2 percent. This was worse-than-expected as previous estimates placed the growth at 2.6 percent.

The dollar dropped 0.03 percent to 95.22, giving a boost to gold. The index is a measure of the dollar against a basket of 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.

Gold was put under a slight amount of pressure as a report from the U.S.-based University of Michigan released Friday showed consumer sentiment improved sharply during the last two weeks. The final index of 95.4 is up 1.8 points from the mid-month reading. Analysts say this is likely a result of improving jobs conditions in the United States.

Silver for May delivery fell 6.6 cents, or 0.40 percent, to close at 16.558 dollars per ounce. Platinum for April delivery added 12 dollars, or 1.02 percent, to close at 1,185.60 dollars per ounce. Enditem