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1st LD Writethru: Gold down on stronger dollar

Xinhua, June 2, 2015 Adjust font size:

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

The most active gold contract for August delivery fell 1.1 U.S. dollars, or 0.09 percent, to settle at 1,188.70 dollars per ounce.

Gold was put under pressure as the U.S. Dollar Index, a gauge of the greenback against a basket of major currencies, rose by 0. 41 percent to 97.40 as of 1750 GMT. 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.

Positive data also put pressure on the precious metal as the U. S. Department of Commerce released on Monday the Personal Income and Outlays report, showing a 0.4 percent increase in personal income. But consumer spending was unchanged in April with deep declines in spending on both durable and non durable goods, down 0. 7 percent and down 0.5 percent respectively.

An additional report released on Monday by the Institute for Supply Management showed the manufacturing index, also known as the purchasing managers index (PMI), registered 52.8 in May, up from April's reading of 51.5. The better-than-expected data, the highest reading since February, put pressure on gold.

But analysts said that the Greece crisis supported gold.

Silver for July delivery dropped 2.1 cents, or 0.13 percent, to close at 16.68 dollars per ounce. Platinum for July delivery fell 7.3 dollars, or 0.66 percent, to close at 1,104.20 dollars per ounce. Endite