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1st LD Writethru: Gold rebounds on weaker dollar

Xinhua, July 9, 2015 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange rebounded on Wednesday as the U.S. dollar weakened, giving the precious metal upward momentum.

The most active gold contract for August delivery rose 10.9 U.S. dollars, or 0.95 percent, to settle at 1,163.50 dollars per ounce.

The U.S. Dollar Index fell by 0.59 percent to 96.20 as of 18:42 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.

Gold was also given support as investors are also carefully monitoring the situation in Greece as the Greek government and eurozone leaders are continuing negotiations over the country's debt crisis.

Minutes from the U.S. Federal Reserve's previous Federal Open Market Committee meeting are due for release Friday, and investors are watching carefully for any clues as to when the U.S. interest rate will increase.

Silver for September delivery gained 19.4 cents, or 1.30 percent, to close at 15.163 dollars per ounce. Platinum for October delivery fell 5.70 dollars, or 0.55 percent, to close at 1, 035.80 dollars per ounce. Enditem