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1st LD Writethru: Gold up on weaker U.S. dollar

Xinhua, September 2, 2015 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange rose on Tuesday as the U.S. dollar showed weakness.

The most active gold contract for December delivery rose 7.3 U.S. dollars, or 0.64 percent, to settle at 1,139.80 dollars per ounce.

The U.S. Dollar Index fell by 0.56 to 95.39 as of 18:05 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 put under additional pressure as a report released by the Institute for Supply Management showed its ISM index coming in at a lower-than-expected 51.1. Analysts say this is the slowest rate of growth for the factory sector since May 2013.

Analysts believe that the increase in the price of gold is only temporary and that as long as an increase in the U.S. interest rate becomes more likely, gold will remain under pressure.

Silver for December delivery rose 3.4 cents, or 0.23 percent, to close at 14.62 dollars per ounce. Platinum for October delivery fell 2.1 dollars, or 0.21 percent, to close at 1,008.40 dollars per ounce. Endit