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1st LD Writethru: Gold edges lower as U.S. dollar extends gains

Xinhua, September 16, 2015 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange closed lower on Tuesday as the U.S. dollar modestly rallied for a second straight session, and European and U.S. stocks regained their footing.

The most active gold contract for December delivery lost 5.1 U.S. dollars, or 0.46 percent, to settle at 1,102.60 dollars per ounce.

The U.S. Dollar Index, a measure of the dollar against a basket of six major currencies rose by 0.35 percent as of 1830 GMT.

Gold and the dollar typically move in opposite directions, which means a stronger dollar can be a negative for commodities including gold, priced in dollars, because it makes them more expensive for non-dollar consumers, while a weaker dollar can support commodities.

Gold prices somewhat shed their losses after two major reports released by the U.S. government showed retailer sales rose a modest 0.2 percent in August, and industrial production fell a seasonally adjusted 0.4 percent last month. Analysts believed those data seemed weaker, but basically in line with expectations.

The Federal Reserve will release its crucial policy statement Thursday afternoon following a two-day meeting during which the Fed would make a decision whether to raise its benchmark interest rate for the first time in more than nine years.

Among other metals, silver for December delivery dropped 3.7 cents, or 0.26 percent, to close at 14.326 dollars per ounce. Platinum for October delivery added 2.8 dollars, or 0.29 percent, to close at 958.2 dollars per ounce. Enditem