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1st LD Writethru: Gold down on stronger U.S. dollar

Xinhua, March 5, 2015 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange fell on Wednesday as the U.S. dollar strengthened amid reports showing an improving U.S. economy.

The most active gold contract for April delivery fell 3.5 U.S. dollars, or 0.29 percent, to settle at 1,200.90 dollars per ounce.

The precious metal was put under pressure as a strong U.S. jobs report from private U.S.-based ADP released on Wednesday showed revised jobs numbers for January, increasing to 250,000 instead of the initially reported 213,000. The report also showed that February payrolls rose to 212,000, which was weaker than expected.

Analysts say the revised January payroll numbers were important enough to outweigh the slightly weaker February numbers.

Another report released on Wednesday showed growth remains strong in the non-manufacturing sector. The U.S.-based Institute for Supply Management's composite index rose by 0.2 to 56.9 in February. Analysts say employment is much stronger in this report, adding 5 points to 56.4.

The U.S. dollar gave a boost by these positive reports, further compounding the pressure on gold. The U.S. Dollar Index rose by 0. 63 percent to 95.97. 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.

Silver for May delivery fell 13.8 cents, or 0.85 percent, to close at 16.158 dollars per ounce. Platinum for April delivery lost 7.9 dollars, or 0.66 percent, to close at 1,181.70 dollars per ounce. Endite