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

Xinhua, February 27, 2016 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange fell Friday as a stronger U.S. dollar put pressure on the precious metal.

The most active gold contract for April delivery lost 18.4 U.S. dollars, or 1.49 percent, to settle at 1,220.40 dollars per ounce.

A stronger U.S. dollar drove traders away from gold's safe haven properties, as the U.S. Dollar Index rose Friday. 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 further pressure as the U.S. Department of Commerce on Friday released the gross domestic product report for the fourth quarter last year, which showed the headline GDP measure increasing by the better than expected 1 percent.

The precious metal was put under further pressure as a separate report released Friday by the U.S. Department of Commerce showed the core Personal Income and Outlays reading rising by 0.3 percent in January from December. The report also shows personal income increasing by 0.5 percent in January. All of the figures in this report were better-than-expected.

For the week, gold futures declined 0.84 percent.

Silver for May delivery fell 48.5 cents, or 3.19 percent, to close at 14.714 dollars per ounce. Platinum for April delivery dropped 11.9 dollars, or 1.28 percent, to close at 915.10 dollars per ounce. Endit