1st LD Writethru: Gold falls sharply on U.S. dollar rally
Xinhua, May 27, 2015 Adjust font size:
Gold futures on the COMEX division of the New York Mercantile Exchange fell sharply Tuesday as the U. S. dollar rallied after the long Memorial Day weekend.
The most active gold contract for June delivery fell 17.1 U.S. dollars, or 1.42 percent, to settle at 1,186.90 dollars per ounce.
The precious metal was put under pressure as the U.S. Dollar Index rose 0.89 percent to 97.24 as of 1740 GMT, analysts said.
In addition, positive data put additional pressure on gold. A report released by the U.S. Department of Commerce on Tuesday showed sales of new single-family houses in April were at a seasonally adjusted annual rate of 517,000, 6.8 percent above the revised March rate.
Silver for July delivery dropped 30.5 cents, or 1.79 percent, to close at 16.746 dollars per ounce. Platinum for July delivery decreased 24.5 dollars, or 2.13 percent, to close at 1,124.10 dollars per ounce. Endite