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Gold up on weaker U.S. dollar, equity market

Xinhua, July 14, 2016 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange rose slightly on Wednesday as the U.S. dollar fell.

The most active gold contract for August delivery rose 8.30 U.S. dollars, or 0.62 percent, to settle at 1,343.60 dollars per ounce.

The U.S. Dollar Index fell by 0.32 percent to 96.20 as of 18:30 GMT. 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.

U.S. stocks traded lower around midday Wednesday, giving additional support to gold as traders shifted from equity market to gold.

The Federal Reserve released its closely-monitored Beige Book Wednesday afternoon after the market closed, and gold climbed higher from its settlement in electronic trading after the Fed Beige Book.

On the economic front, U.S. import prices increased 0.2 percent in June after rising 1.4 percent in May, while prices for U.S. exports rose 0.8 percent in June following an advance of 1.2 percent in May, the Labor Department announced Wednesday.

Traders are waiting for the release of the weekly jobless claims and the producer price index on Thursday, along with the consumer price index, retail sales, and industrial production report on Friday.

Silver for September delivery rose 24.20 cents, or 1.20 percent, to close at 20.413 dollars per ounce. Platinum for October delivery added 2.30 dollars, or 0.21 percent, to close at 1,100.20 dollars per ounce. Enditem