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1st LD Writethru: Gold up on weak dollar, Greece concern

Xinhua, June 3, 2015 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange rose on Tuesday as the U.S. dollar weakened.

The most active gold contract for August delivery rose 5.7 U.S. dollars, or 0.48 percent, to settle at 1,194.40 dollars per ounce.

Gold was given support as the U.S. Dollar Index fell by 1.75 percent to 95.73 as of 18:11 GMT. 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.

The precious metal was given additional support as uncertainty over the future of Greece drove investors to gold as a safe haven. The European Central Bank (ECB) could potentially force Greece to leave the eurozone, but the ECB has indicated that it is highly unlikely, and they do not wish for Greece to leave.

Investors are also carefully monitoring the plans for an increase in the U.S. interest rate. Analysts originally believed that interest rates could rise as early as June, but due to worse- than-expected jobs data in March, they now feel that won't happen until this fall.

Silver for July delivery rose 11.9 cents, or 0.71 percent, to close at 16.799 dollars per ounce. Platinum for July delivery added 8.6 dollars, or 0.78 percent, to close at 1,112.80 dollars per ounce. Enditem