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

Xinhua, May 16, 2015 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange rose on Friday as the dollar index dipped amid a slate of weak U.S. data which is expected to put on hold the Federal Reserve's decision to raise interest rates for a longer time.

The most active gold contract for June delivery added 0.1 U.S. dollars, or 0.01 percent, to settle at 1,225.30 dollars per ounce.

A report showed U.S. industrial production fell 0.3 percent in April, dropping for the fifth consecutive month. The worse-than- expected data followed weak retail sales and producer inflation data this week.

The lackluster economic data is likely to delay the U.S. Federal Reserve's move to increase the interest rate to keep inflation down, analysts said. Originally the Fed is expected to raise rates as early as June, but now it is believed that the decision would come much later.

In response, the U.S. dollar index fell 0.15 percent to 93.25 in midday trading, supporting the greenback-denominated gold.

Silver for July delivery rose 9.8 cents, or 0.56 percent, to 17. 563 dollars per ounce. Platinum for July delivery added 6.7 dollars, or 0.58 percent, to 1,169.10 dollars per ounce. Endite