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1st LD Writethru: Gold down on Yellen's comments

Xinhua, July 11, 2015 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange fell Friday following the speech of Federal Reserve Chair Janet Yellen, with concerns over the Greek debt crisis alleviated.

The most active gold contract for August delivery dropped 1.3 U. S. dollars, or 0.11 percent, to settle at 1,157.90 dollars per ounce.

Federal Reserve Chairwoman Janet Yellen said Friday that she saw signs that the economy was improving and expects an interest- rate increase to be appropriate at some point later this year. Analysts said the remarks helped dull gold's appeal.

Greek leaders including Prime Minister Alexis Tsipras proposed a deal on Friday that was closer to what European negotiators have been aiming for, covering the possibility of sales tax increases and cuts to pension plans. Analysts believe this improved the prospect for a deal which boosted European equities, driving investors away from gold as a safe haven.

U.S. equities also gained on Friday, putting further pressure on the precious metal. However, the U.S. Dollar Index fell by 0.22 to 96.05 as of 18:40 GMT, giving a small amount of support to gold. 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.

Silver for September delivery rose 12 cents, or 0.78 percent, to close at 15.481 dollars per ounce. Platinum for October delivery added 9.9 dollars, or 0.97 percent, to close at 1,032.30 dollars per ounce. Enditem