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Gold futures rise as greenback weakened

Xinhua, May 12, 2017 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange closed higher on Friday as the U.S. dollar drifted lower following slightly weaker-than-expected U.S. retail sales and inflation data.

The most active gold contract for June delivery rose 3.5 U.S. dollars, or 0.29 percent, to settle at 1,227.70 dollars per ounce.

The retail sales and CPI figures helped to push the dollar lower, with the U.S. Dollar Index, trading down by 0.4 percent for the session, but still up about 0.7 percent for the week. A weaker buck makes commodities priced in the currency, like gold, more attractive to buyers using stronger monetary units.

Prices for the precious metal held on to earlier gains after U.S. data showed that sales at domestic retailers in April came in below market expectations and the core consumer-price index rose by a tamer-than-expected 0.1 percent last month. Consumer sentiment, meanwhile, jumped to a stronger-than-expected reading of 97.7 in April.

Silver for July delivery added 13.7 cents, or 0.84 percent, to close at 16.402 dollars per ounce. Platinum for July delivery fell 0.2 dollars, or 0.02 percent, to close at 917.5 dollars per ounce. Enditem