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

Xinhua, May 15, 2015 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange rose on Thursday as a weaker U. S. dollar gave support to the precious metal.

The most active gold contract for June delivery rose 7 U.S. dollars, or 0.57 percent, to settle at 1,225.20 dollars per ounce.

Gold got boost as the U.S. dollar fell by 0.08 percent to 93.54 as of 1802 GMT.

Gold was given additional support as a report released by the U. S. Department of Labor on Thursday showed the Producer Price Index was little changed, giving investors a reason to believe that the U.S. Federal Reserve will not begin to worry about raising interest rates just yet. The report showed prices for total final demand falling by 0.4 percent in April, which analysts say is on the low end of expectations.

A better-than-expected report released by the U.S. Department of Labor on Thursday prevented gold from rising even further as the report showed initial jobless claims falling by 1,000 during the May 9 week to 264,000.

Silver for July delivery rose 24.4 cents, or 1.42 percent, to close at 17.465 dollars per ounce. Platinum for July delivery added 11.6 dollars, or 1.01 percent, to close at 1,162.40 dollars per ounce. Endite