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1st LD Writethru: Gold down on stronger dollar

Xinhua, July 25, 2015 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange fell Friday as the U.S. dollar showed strength.

The most active gold contract for August delivery lost 8.6 U.S. dollars, or 0.79 percent, to settle at 1,085.50 dollars per ounce.

Gold lost about 4.1 percent for the week, falling for the 5th straight week.

The U.S. dollar climbed against most major currencies Friday.

The U.S. dollar Index rose by 0.07 percent to 97.27 as of 1902 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 new home sales report released from the U.S. Department of Commerce gave slight support to gold as it showed sales falling by 6.8 percent to a lower-than-expected annual rate of 482,000. Analysts say that despite this report, the overall housing market recovery remains intact.

Silver for September delivery lost 21.3 cents, or 1.46 percent, to close at 14.488 dollars per ounce. Platinum for October delivery dropped 0.4 dollars, or 0.04 percent, to close at 980.70 dollars per ounce. Endite