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1st LD Writethru: Gold rises on weak dollar

Xinhua, March 21, 2015 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange rose on Friday as the U.S. dollar weakened.

The most active gold contract for April delivery rose 15.6 U.S. dollars, or 1.33 percent, to settle at 1,184.60 dollars per ounce.

The U.S. Dollar Index, a measure of the dollar against a basket of major currencies, fell by 1.4 percent to 97.68 on Friday. 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.

Analysts believe that the market is continuing their reaction to the Fed's cautious policy statement released on Wednesday, as traders had fully priced in an expectation for the Fed to deliver a strong report, but were instead disappointed, which led to an increase in the price of gold.

Other analysts note that Greece may become an issue for traders again, lending some support to gold as the country's troubled economic situation continues to be the subject of discussion at the European Central Bank.

Silver for May delivery rose 76.9 cents, or 4.77 percent, to close at 16.883 dollars per ounce. Platinum for April delivery added 21.6 dollars, or 1.93 percent, to close at 1,141.20 dollars per ounce. Endite