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

Xinhua, July 17, 2015 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange fell Thursday after U.S. Federal Reserve Chairwoman Janet Yellen confirmed an increase in the interest rate later in 2015.

The most active gold contract for August delivery fell 3.5 U.S. dollars, or 0.31 percent, to settle at 1,143.90 dollars per ounce.

Gold was put under pressure as Yellen told investors to expect an increase in the U.S. interest rate before the end of the year. Analysts originally expected interest rates to rise in June, but due to weaker-than-expected employment data, expectations were pushed back to September.

Yellen had said Friday that the U.S. was on track for an increase in the interest rate this year. This represents the biggest factor in the pressure on gold Thursday.

The U.S. Dollar Index rose by 0.49 percent to 97.63 as of 1844 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 who hold other currencies.

Silver for September delivery fell 6.4 cents, or 0.42 percent, to close at 14.984 dollars per ounce. Platinum for October delivery dropped 10.1 dollars, or 0.99 percent, to close at 1,011. 60 dollars per ounce. Endite