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1st LD Writethru: Gold rises on weak dollar

Xinhua, March 24, 2015 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange rose on Monday as a weaker U.S. dollar increased the appeal of greenback-denominated gold.

The most active gold contract for April delivery rose 3.1 U.S. dollars, or 0.26 percent, to settle at 1,187.70 dollars per ounce.

The U.S. dollar index, a measure of the dollar against a basket of major currencies, fell 0.52 percent to 97.23 on Monday, giving some support to gold.

The precious metal also gained a boost after a report of the U. S.-based National Association of Realtors showed that existing home sales increased 1.2 percent in February to an annual pace of 4.88 million units. Analysts said that the figure, though above January's 4.82 million, still shows weakness in the sector.

Gold was given additional support as a poll from Reuters showed that top traders believed that an increase in the U.S. interest rate from the Fed will likely come in September instead of January. A rate hike dampens demand for gold as the precious metal is not an interest-paying asset.

Silver for May delivery rose 0.8 cents, or 0.05 percent, to close at 16.891 dollars per ounce. Platinum for April delivery added 3.3 dollars, or 0.29 percent, to close at 1,144.50 dollars per ounce. Endite