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1st LD Writethru: Gold up on weaker U.S. dollar

Xinhua, April 22, 2015 Adjust font size:

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

The most active gold contract for June delivery rose 9.4 U.S. dollars, or 0.79 percent, to settle at 1,203.10 dollars per ounce.

The U.S. Dollar Index gave gold support as it dropped by 0.06 percent to 97.85 as of 18:17 GMT. 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.

A report released by the Johnson Redbook on Tuesday showed its Retail Sales Index increasing by 0.8 percent in mid-April after an increase of 1.1 percent in mid-March. This was slightly worse than expected, but analysts say that the figures may be slightly distorted by Easter weekend, and expect the numbers to return to normal soon.

Analysts caution that an increase in global and U.S. equities may soon put pressure on the precious metal, and that an increase in the U.S. Federal Reserve's interest rate expected sometime this year will keep gold on a downward trend.

Silver for May delivery added 11.9 cents, or 0.75 percent, to close at 16.008 dollars per ounce. Platinum for July delivery rose 3.7 dollars, or 0.32 percent, to close at 1,152.50 dollars per ounce. Endite