Gold futures rise on weakened U.S. dollar

0 Comment(s)Print E-mail Xinhua, November 29, 2018
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CHICAGO, Nov. 28 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange closed higher on Wednesday, as the U.S. dollar declined after comments from Federal Reserve Chairman Jerome Powell appeared to imply fewer interest-rate increases ahead.

The most active gold contract for December delivery added 10.2 U.S. dollars, or 0.84 percent, to close at 1,223.6 dollars per ounce.

The U.S. dollar index, which measures the buck against six rivals, went down 0.53 percent to 96.75 as of 1830 GMT.

Gold usually moves in opposite directions 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 was up 24.1 cents, or 1.71 percent, to settle at 14.325 dollars per ounce. Platinum for January 2019 fell 9 dollars, or 1.08 percent, to close at 826.3 dollars per ounce. Enditem

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