Gold rises for ten days as U.S. dollar retreats

CHICAGO, Jan. 4 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange settled higher on Thursday, expanding its run of gains into a tenth consecutive session.

The most active gold contract for February delivery rose 3.1 dollars, or 0.24 percent, to close at 1321.60 dollars per ounce, recording new high since last September.

Gold futures overcame earlier weakness, which boosted dip buying and in turn pushed up prices.

The U.S. Dollar Index, a gauge of the greenback against a basket of other major currencies, retreated again on Thursday following a brief recovery the previous day. It fell 0.32 percent to 91.89 as of 1832 GMT.

Gold and the dollar move in opposite directions. If the dollar goes down, gold futures will rise as gold, measured by the dollar, becomes more attractive for investors.

It was reported that private sector hiring was stronger than expected in last December. According to payroll processor ADP, some 250,000 jobs were added, more than the 188,000 jobs forecast by economists.

However, the increased hiring number failed to support the dollar. Enditem