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Gold up on weaker U.S. dollar

Xinhua, August 10, 2016 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange rose on Tuesday as the U.S. dollar gave support to the precious metal.

The most active gold contract for December delivery rose 5.4 U.S. dollars, or 0.4 percent, to settle at 1,346.7 dollars per ounce.

The precious metal was given support as the U.S. Dollar Index fell by 0.21 percent to 96.17 as of 17:00 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.

Technical trading also bolstered the precious metal as day traders flocked to gold as it broke a key-support level. Analysts believed that the strength is likely to be short-lived.

U.S. equities had little impact on the precious metal as they remained mostly unchanged.

Traders are also waiting for the release of the producer price index and retail sales on Friday.

Silver for September delivery added 4.5 cents, or 0.23 percent, to close at 19.85 dollars per ounce. Platinum for October delivery rose 4.5 dollars, or 0.39 percent, to close at 1,159.9 dollars per ounce. Endit