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Gold Futures Rebound on Investors' Technical Buying

Gold futures on the COMEX division of the New York Mercantile Exchange ended higher on Friday, as investors turned to bargain hunting in the precious metal after gold decline for two straight sessions.

The most active gold contract for December delivery went up 8.8 U.S. dollars, or 0.74 percent, to close at 1,196.2 dollars per ounce.

However, the greenback exerted pressure on the precious metal. The U.S. dollar index, which measures the greenback against six rivals, went up 0.1 percent to 95.04 as of 1930 GMT.

Gold usually moves in the opposite direction with the U.S. dollar, which means if the dollar goes strong, gold futures will fall as gold, priced in U.S. dollar, becomes expensive for investors using other currencies.

As for other precious metals, silver for December delivery added 42.2 cents, or 2.95 percent, to settle at 14.712 dollars per ounce. Platinum for January 2019 rose 7.7 dollars, or 0.95 percent, to close at 822.4 dollars per ounce.

(www.chinaview.cn 2018-09-30)