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1st LD Writethru: Gold down on stronger dollar

Xinhua, April 8, 2015 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange fell on Tuesday as the U.S. dollar rebounded, putting pressure on the precious metal.

The most active gold contract for June delivery lost 8 U.S. dollars, or 0.66 percent, to settle at 1,210.60 dollars per ounce.

Gold was under pressure as the U.S. Dollar Index rose by 0.62 percent to 97.67 as of 17:05 GMT on Tuesday. 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.

Gold was also put under pressure as the job openings report released on Tuesday by the U.S. Department of Labor was slightly better than expected, with 5.133 million job openings on the last business day of February, up from 4.965 million in the month of January.

Additional information factoring into the price of gold is the timing of the U.S. Fed's increase in the U.S. interest rate. Analysts say the increase would be the first in nearly a decade, and the timing of both the announcement and timeframe for the increase is unclear to investors.

Silver for May delivery fell 27 cents, or 1.58 percent, to close at 16.84 dollars per ounce. Platinum for July delivery fell 6.5 dollars, or 0.55 percent, to close at 1,173.90 dollars per ounce. Endite