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Gold continues upturn as dollar falls

Xinhua, May 15, 2017 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange gained on Monday for the fourth consecutive session as the U.S. dollar keeps falling.

The most active gold contract for June delivery rose 2.3 U.S. dollars, or 0.19 percent, to settle at 1,230 dollars per ounce.

A weakening dollar led to the gold's rise as the U.S. Dollar Index fell 0.26 percent to 98.875 as of 1806 GMT.

The index is a measure of the dollar against a basket of other major currencies. Gold and the dollar typically move in opposite directions, which means if the dollar goes down, gold futures will rise.

The precious metal received additional support from geopolitical concerns, such as the unstable situation and uncertain future in the Korean Peninsula, the recent cyber-attacks around the world, said some analysts.

A barometer of New York-area manufacturing also contributed to the rise of gold as it was released on Monday by the Federal Reserve Bank of New York.

According to the Empire State manufacturing survey, the general business conditions index fell six points to -1 in May, the first time in the negative territory since President Donald Trump took office.

The rise of gold futures was curbed as the U.S. Dow Jones Industrial Average went up by 90.56 points, or 0.43 percent, as of 1816 GMT. Analysts note that when equities post gains, the precious metal usually falls.

Silver for July delivery rose 20.1 cents, or 1.23 percent, to close at 16.603 dollars per ounce. Platinum for July delivery was up 11.2 dollars, or 1.22 percent, to close at 928.70 dollars per ounce. Endite