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1st LD Writethru: Gold down as U.S. dollar continues to strengthen

Xinhua, May 28, 2015 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange fell on Wednesday as the U.S. dollar continued to rise, putting pressure on the precious metal.

The most active gold contract for June delivery fell 1.3 U.S. dollars, or 0.11 percent, to settle at 1,185.60 dollars per ounce. It is the fourth consecutive session of loss for gold futures.

Gold was put under pressure as the U.S. Dollar Index rose again on Wednesday. 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.

Additionally, the strong U.S. data released Monday were also in line with Federal Reserve Chair Janet Yellen's upbeat comments last week which indicated the U.S. central bank may raise interest rates later this year, an additional pressure on gold.

Silver for July delivery dropped 9.9 cents, or 0.59 percent, to close at 16.647 dollars per ounce. Platinum for July delivery fell 5.1 dollars, or 0.45 percent, to close at 1,119.00 dollars per ounce. Endite