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1st LD Writethru: Gold closes lower on Yellen speech, GDP data

Xinhua, September 26, 2015 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange closed lower on Friday as the U.S. dollar rallied after Federal Chair Janet Yellen said the U.S. central bank would begin raising rates this year.

The most active gold contract for December delivery fell 8.20 U.S. dollars, or 0.71 percent, to settle at 1,145.60 dollars per ounce. However, for the week, gold gained 0.69 percent.

Yellen said that she anticipated a rate hike in the coming months, pushing U.S. dollar higher and weighing on dollar-dominated gold.

"Most FOMC participants, including myself, currently anticipate that achieving these conditions will likely entail an initial increase in the federal funds rate later this year, followed by a gradual pace of tightening thereafter," said Yellen.

Additionally, real gross domestic product (GDP) increased at an annual rate of 3.9 percent in the second quarter of 2015, the U.S. Commerce Department said Friday.

Analysts noted that this is higher than economists' expectations of 3.7 percent, exerting additional pressure to gold as it dulled traders' safe haven demand.

As for other metals on the COMEX, silver for December delivery fell 1.90 cents, or 0.13 percent, to close at 15.111 dollars per ounce, while platinum for October delivery shed 4.70 dollars, or 0.49 percent, to close at 951.10 dollars per ounce. Endit