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

Xinhua, March 9, 2016 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange rose on Tuesday as the U.S. dollar showed strength, despite weaker U.S. equities.

The most active gold contract for April delivery fell 1.1 U.S. dollars, or 0.09 percent, to settle at 1,262.90 dollars per ounce.

Gold was put under pressure as the U.S. Dollar Index, a measure of the dollar against a basket of major currencies, rose on Tuesday. Gold and the dollar typically move in opposite directions.

Volume is expected to be low for the remainder of the week as other than the weekly jobless claims data, no major economic data is expected to be released.

Traders are waiting for next week, as a large quantity of economic data is expected to be released each day, in addition to the monthly Federal Open Market Committee meeting.

Analysts believe that a delay in the U.S. Federal Reserve's rate hike remains inevitable due to economic instability.

According to the CMEGroup's Fedwatch tool, the current implied probability of a hike is at 18 percent at the April 2016 meeting, and 34 percent at the June 2016 meeting.

Silver for May delivery fell 24.3 cents, or 1.55 percent, to close at 15.39 dollars per ounce. Platinum for April delivery dropped 12.6 dollars, or 1.26 percent, to close at 989.40 dollars per ounce. Endit