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Gold up on weaker U.S. dollar

Xinhua, June 7, 2016 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange rose on Monday as the U.S. dollar weakened.

The most active gold contract for August delivery rose 4.50 U.S. dollars, or 0.36 percent, to settle at 1,247.40 dollars per ounce.

No major U.S. economic data was released on Monday so traders' focus was primarily on the U.S. dollar. The precious metal was given support as the U.S. Dollar Index fell on Monday.

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.

Federal Reserve Chair Janet Yellen failed to signal the timing of further interest rate-hikes in her latest speech on Monday.

In her last public speech before the Fed's June policy meeting next week, Yellen said U.S. interest rate-hikes are likely on the way, but did not mention the timing of the hike.

Traders are waiting for the productivity and costs report due on Tuesday, the Job Openings and Labor Turnover Survey due on Wednesday, the weekly jobless claims report due on Thursday, and the consumer sentiment report due on Friday.

Silver for July delivery added 8.20 cents, or 0.50 percent, to close at 16.447 dollars per ounce. Platinum for July delivery rose 14.60 dollars, or 1.49 percent, to close at 996.50 dollars per ounce. Endit