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

Xinhua, May 6, 2015 Adjust font size:

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

The most active gold contract for June delivery rose 6.4 U.S. dollars, or 0.54 percent, to settle at 1,193.20 dollars per ounce.

The U.S. dollar index, a measure of the dollar against a basket of major currencies, gave gold support as it fell by 0.4 percent to 95.06 in midday trading. 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.

The precious metal was also aided by an international trade report released by the U.S. Department of Commerce on Tuesday which showed the U.S. trade deficit increased by 43.1 percent, nearly 10 billion dollars, to 51.4 billion dollars. It is the largest increase since October 2008 and also the largest percentage increase since December 1996.

This put pressure on U.S. equities and the dollar, both of which fell, compounding the support given to the precious metal.

Silver for July delivery added 13.8 cents, or 0.84 percent, to close at 16.579 dollars per ounce. Platinum for July delivery fell 2.1 dollars, or 0.18 percent, to close at 1,148.80 dollars per ounce. Endite