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1st LD Writethru: Gold up for fifth successive trading day

Xinhua, February 10, 2016 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange closed for five trading days in a row Tuesday, as a weaker U.S. dollar and falling stocks gave support to the precious metal.

The most active gold contract for April delivery rose 0.70 U.S. dollar, or 0.06 percent, to settle at 1,198.60 dollars per ounce.

The precious metal was given support as the U.S. Dollar Index and the U.S. Dow Jones Industrial Average both fell Tuesday. Analysts noted that when equities post losses, the precious metal usually goes up, as investors are looking for a safe haven, while the opposite is true when U.S. equities post gains.

Technical trading and profit-taking put pressure on the precious metal Tuesday morning as gold has risen strongly in recent days due to U.S. economic turmoil, tied to the declining prices of oil. Oil has dropped precipitously due to an abundance of supply and stockpiles.

Gold was put under further pressure as a report issued by the U.S. Department of Labor Tuesday showed job openings increasing by 5.607 million in December, a figure which was much better than expected.

However, wholesale inventories fell by 0.1 percent in December as expected, while those of November were revised to minus 0.4 percent, the U.S. Department of Commerce said Tuesday.

On Tuesday, silver for March delivery added 2.30 cents, or 0.15 percent, to close at 15.449 dollars per ounce. Platinum for April delivery gained 10.7 dollars, or 1.15 percent, to close at 939.40 dollars per ounce. Endit