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1st LD Writethru: Gold lower on stronger dollar

Xinhua, August 4, 2015 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange settled lower on Monday as dollar steadied.

The most active gold contract for December delivery fell 5.7 U. S. dollars, or 0.52 percent, to settle at 1,089.40 dollars per ounce. Analysts said gold was pressured by a stronger dollar despite U. S. stocks lowered Monday as a stronger dollar can reduce the appeal of gold futures to buyers in other currencies.

Some analysts said the rising of U.S. personal spending underlined optimism over the health of the economy and supports the case for an interest rate hike this year, which also gave additional pressure to gold on Monday. The United States Department of Commerce said Monday in a report that consumer spending rose an as-expected 0.2 percent in June, down from a revised spike of 0.7 percent in May with the slowing tied in part to lower vehicle sales.

Silver for September delivery fell 23 cents, or 1.56 percent, to close at 14.515 dollars per ounce. Platinum for October delivery lost 17.9 dollars, or 1.82 percent, to close at 967.10 dollars per ounce. Endite