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1st LD Writethru: Gold up on weak dollar

Xinhua, March 13, 2015 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange rose on Thursday as weakness in the U.S. dollar gave support to the precious metal.

The most active gold contract for April delivery gained 1.3 U.S. dollars, or 0.11 percent, to settle at 1,151.90 dollars per ounce.

Gold was given support as the U.S. dollar index, a measure of the dollar against a basket of major currencies, fell by 0.31 percent to 99.37 as of 6:00 p.m. GMT. Gold and the dollar typically move in opposite directions, as a stronger greenback makes dollar-denominated assets including gold more expensive for investors, decreasing the appeal of bullion.

Meanwhile, gold gained some boost as traders began profit- taking from established short positions after a seven-session drop during the past eight trading days.

A report released by the U.S. Department of Labor on Thursday showed initial jobless claims falling by 36,000 during the week ended March 7 to 289,000. The better-than-expected job data put pressure on gold, however analysts said that the report is unlikely to build expectations for another strong monthly jobs report.

Silver for May delivery rose 15.1 cents, or 0.98 percent, to close at 15.516 dollars per ounce. Platinum for April delivery dropped 0.5 dollars, or 0.04 percent, to close at 1,114.90 dollars per ounce. Endite