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Gold rallies as U.S. dollar retreats

Xinhua,May 11, 2018 Adjust font size:

CHICAGO, May 10 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose on Thursday amid a weaker U.S. dollar and geopolitical concerns.

The most active gold contract for June delivery went up 9.30 dollars, or 0.71 percent, to settle at 1,322.30 dollars per ounce.

The U.S. Department of Labor on Thursday released April inflation data, showing that Consumer Price Index (CPI) for all urban consumers increased 0.2 percent, weaker than many economists had expected.

The dollar, which had reached new 2018 highs recently, retreated following the CPI announcement. The U.S. Dollar Index fell 0.4 percent to 92.75 as of 1625 GMT.

When the dollar goes down, gold futures will rise as gold, priced in the dollar, becomes less expensive for investors using other currencies.

Gold got additional support from the fallout of U.S. withdrawal from Iran nuclear deal.

The possibility that the U.S. government may impose sanctions against companies of other countries that do business with Iran has raised concerns in the market.

As for other precious metals, silver for July delivery rose 22 cents, or 1.33 percent, to settle at 16.759 dollars per ounce. Platinum for July was up 8.5 dollars, or 0.93 percent, to close at 925.1 dollars per ounce. Enditem

 

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