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1st LD Writethru: Gold up as U.S. dollar weakens

Xinhua, June 9, 2015 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange rallied on Monday as the U.S. dollar weakened, lifting the appeal of the dollar-dominated precious metal.

The most active gold contract for August delivery gained 5.5 U. S. dollars, or 0.47 percent, to settle at 1,173.6 dollars per ounce.

Analysts indicated that gold's strength Monday is mainly driven by weakened U.S. dollar. The ICE U.S. dollar index, the measure of the dollar against six major currencies, fell by more than 1 percent as of 1 p.m. U.S. Eastern Time following its two-day gains, even after the U.S. government on Monday denied the report that President Barack Obama had said the strong dollar was "a problem" at the Group of Seven (G7) summit in Germany.

A weaker U.S. dollar can be positive for commodities including gold priced in dollars because it makes them cheaper for non- dollar users, while a stronger dollar can weigh on commodities.

August gold also snapped its three-session streak of declines on Monday. It closed at the lowest level since mid-March after an unexpectedly strong jobs report released by the U.S. Department of Labor last Friday.

Silver for July delivery dropped 2.5 cents, or 0.16 percent, to close at 15.959 dollars per ounce. Platinum for July delivery rose 9.2 dollars, or 0.84 percent, to close at 1,101.2 dollars per ounce. Endite