Gold sees limited rise as U.S. dollar rebounds

CHICAGO, Jan. 3 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange edged up on Wednesday, but the momentum declined as the U.S. dollar rebounded.

The most active gold contract for February delivery went up 2.4 dollars, or 0.18 percent, to close at 1318.50 dollars per ounce, recording the ninth consecutive rise since the end of last year.

The declining U.S. Dollar Index, a measure of the greenback against a basket of other major currencies, started to recover on Wednesday. It rose 0.28 percent to 92.11 as of 1811 GMT.

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.

A rebounding dollar limited the rise of gold futures, which turned to retreat during the electronic trading after the release of minutes from the U.S. Federal Reserve's December monetary policy meeting.

Investors tried to find more clues on U.S. monetary policy in 2018. Some deemed the minutes as favoring the hawkish camp on monetary policy, as most members expressed they were still seeking a gradual rise in key interest rates.

As for other precious metals, silver for March delivery rose 6.1 cents, or 0.35 percent, to settle at 17.267 dollars per ounce. Platinum for April went up 14.5 dollars, or 1.53 percent, to close at 962.30 dollars per ounce. Enditem