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1st LD Writethru: Gold futures lower on stronger U.S. dollar

Xinhua, September 22, 2015 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange closed lower on Monday as the U.S. dollar turned higher.

The most active gold contract for December delivery fell 5.00 U.S. dollars, or 0.44 percent, to settle at 1,132.80 dollars per ounce.

Gold retreated from gains of last week as the strength in the greenback hampered the demand for gold, analysts said. The rise in European stocks and U.S. equities on Monday also weighed on gold futures by luring investors away from the precious metal.

James Bullard, president of the St. Louis Federal Reserve, said in an interview with CNBC Monday that there is still a chance the Fed could lift interest rates at an October meeting. Analysts noted that these comments gave additional support to the U.S. dollar, weighing on dollar-dominated gold.

Gold futures rose sharply Friday following the U.S. central bank's decision to keep interest rate unchanged a day earlier at its latest policy meeting. Prices rose 1.86 percent Friday and was up 3.13 percent last week.

As for other metals, silver for December delivery added 5.80 cents, or 0.38 percent, to close at 15.221 dollars per ounce, while platinum for October delivery lost 10.70 dollars, or 1.09 percent, to close at 973.70 dollars per ounce. Endit