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Gold Rebounds As U.S. Dollar Weakens - June 5
 

Gold futures on the COMEX division of the New York Mercantile Exchange settled higher on Tuesday amid a weakening U.S. dollar and bargain buying.

The most active gold contract for August delivery went up 4.90 dollars, or 0.38 percent, to close at 1302.20 dollars per ounce, reclaiming the 1300-dollar level.

The U.S. dollar index, a gauge of the greenback against a basket of other major currencies, fell 0.17 percent to 93.88 as of 1627 GMT. The fall of the dollar usually pushes more investors to gold market, especially for those who use other currencies as dollar-priced gold becomes cheaper.

Meanwhile, the Dow Jones Industrial Average was down 70.39 points, or 0.28 percent to 24,743.30 points as of 1637 GMT. When equities post losses, the precious metal usually goes up, as investors are looking for a safe haven.

Bargain-hunting was another factor in pushing up the gold after the precious metal had fallen for three sessions in a row.

As for other precious metals, silver for July delivery rose 11.2 cents, or 0.68 percent, to settle at 16.543 dollars per ounce. Platinum for July was down 2.2 dollars, or 0.24 percent, to close at 901.30 dollars per ounce.


(www.chinaview.cn 2018-06-06)
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