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Gold futures rise on weaker U.S dollar and lower traded equities

Xinhua, May 11, 2017 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange close higher on Thursday as the U.S. dollar took a break from recent strength and U.S. and European equities declined.

The most active gold contract for June delivery rose 5.3 U.S. dollars, or 0.43 percent, to settle at 1,224.20 dollars per ounce.

The dollar, as measured by the U.S. Dollar Index, was trading less than 0.1 percent lower as of 1825 GMT, but set for a weekly gain of about 1 percent. U.S. and European equities, meanwhile, saw broad losses.

The pause in the greenback's rally, as well as declines in the stock market, helped to make gold more attractive to investors.

The yellow metal briefly trimmed gains after data Thursday showed U.S. producer prices rose 0.5 percent in April, which is better than economists' expectation.

Silver for July delivery added 5.8 cents, or 0.36 percent, to close at 16.265 dollars per ounce. Platinum for July delivery went up 7.8 dollars, or 0.86 percent, to close at 917.7 dollars per ounce. Enditem