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Gold Rises Slightly as Dollar Retreats

Gold futures on the COMEX division of the New York Mercantile Exchange settled slightly higher on Friday as the U.S. dollar retreated.

The most active gold contract for December delivery went up 20 cents, or 0.02 percent, to close at 1184.20 dollars per ounce. But on a weekly basis, the precious metal fell 2.85 percent, the biggest fall in more than one year.

The U.S. dollar index, a gauge of the greenback against a basket of other key currencies, declined 0.38 percent to 96.165 as of 1712 GMT.

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

However, the surging equities dented the rise of gold as the Dow Jones Industrial Average rose more than one percent.

When equities post gains, they will lure investors to the stock markets.

As for other precious metals, silver for September delivery went down 8.2 cents, or 0.56 percent, to close at 14.631 dollars per ounce. Platinum for October fell 7.20 dollars, or 0.92 percent, to settle at 777.30 dollars per ounce.

(www.chinaview.cn 2018-08-20)