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Gold Futures Rise as U.S Dollar Retreats

Gold futures on the COMEX division of the New York Mercantile Exchange closed higher on Wednesday, as the U.S. dollar went weak, providing support for bullion.

The most active gold contract for December delivery went up 2.7 dollars, or 0.22 percent, to close at 1,221 dollars per ounce.

The U.S. dollar index, which measures the buck against six rivals, decreased 0.12 percent to 95.06 as of 1955 GMT.

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

As for other precious metals, silver for September delivery went up 5.9 cents, or 0.38 percent, to settle at 15.432 dollars per ounce. Platinum for October was down 1.9 dollars, or 0.23 percent, to close at 829.5 dollars per ounce.

(www.chinaview.cn 2018-08-09)