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Gold Rallies as U.S. Dollar Retreats - July 20
 

Gold futures on the COMEX division of the New York Mercantile Exchange rose on Friday as U.S. dollar weakened over President Trump's remarks on foreign currencies.

The most active gold contract for August delivery went up 7.1 dollars, or 0.58 percent, to close at 1231.10 dollars per ounce.

Donald Trump tweeted on Friday, accusing other major economic powers of "manipulating their currencies" and putting the United States at disadvantage.

One day earlier, he told CNBC that he isn't "thrilled" that the Federal Reserve is hiking interest rates. By raising borrowing costs, Trump said the rate hikes would potentially slow the economy.

Trump's latest remarks on currency stirred the market. The U.S. dollar index, a gauge of the dollar against a basket of other major currencies, fell sharply from around 95.

As of 1752 GMT, the index decreased by 0.69 percent to 94.29.

Gold and the dollar typically move in opposite directions. When the dollar falls, gold futures will rise as gold, measured by the dollar, becomes less expensive for investors using other currencies.

As for other precious metals, silver for September delivery went up 14.7 cents, or 0.95 percent, to close at 15.549 dollars per ounce. Platinum for October was up 23.2 dollars, or 2.88 percent, to settle at 829.50 dollars per ounce.


(www.chinaview.cn 2018-07-23)
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