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

Xinhua, April 1, 2015 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange fell on Tuesday as the U.S. dollar increased its gains after weakness in European equities.

The most active gold contract for June delivery fell 2.1 U.S. dollars, or 0.18 percent, to settle at 1,183.20 dollars per ounce.

The precious metal was pressured as the U.S. dollar index, a measure of the dollar against a basket of major currencies, rose by 0.36 percent to 98.31 as of 14:35 p.m. local time (0935 GMT). Gold and the dollar typically move in opposite directions, which means if the greenback goes up, dollar-denominated gold futures will fall as it becomes more expensive for investors.

A report released on Tuesday by the U.S.-based Conference Board showed consumer confidence increasing to 101.3 in March after being revised upward to 98.8 in February. This report was better- than-expected and put additional pressure on the precious metal.

In addition, gold also responded to the rising possibility of an interest rate rise this year. U.S. Federal Reserve chairwoman Janet Yellen said on Friday that depending on the data produced, an increase in the rate may well be warranted later this year.

Silver for May delivery decreased 7.6 cents, or 0.46 percent, to close at 16.598 dollars per ounce. Platinum for July delivery added 26 dollars, or 2.33 percent, to close at 1,143.40 dollars per ounce. Endite