CHICAGO, Dec. 12 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange closed higher on Wednesday as the U.S. dollar retreated.

The most active gold contract for February 2019 delivery was up 2.80 dollars, or 0.22 percent, to settle at 1,250.00 dollars per ounce.

The U.S. dollar index, a gauge of the greenback against a basket of other major currencies, fell 0.48 percent to 96.99 as of 1815 GMT.

The dollar and gold typically move in opposite directions. When the dollar falls, gold futures will rise, as dollar-priced gold becomes less expensive for investors holding other currencies.

According to data from the U.S. Labor Department, the consumer price index was unchanged in November on a seasonally adjusted basis after rising 0.3 percent in October. The gasoline index declined 4.2 percent in November, offsetting increases in an array of indexes including shelter, used cars and trucks.

The latest inflation data may boost expectations that the U.S. Federal Reserve will likely pause interest rate hikes sometime next year, said analysts.

Meanwhile, the rally of equities limited the rise of gold as the Dow Jones Industrial Average gained more than 1 percent on Wednesday.

As for other precious metals, silver for March 2019 delivery went up 22.3 cents, or 1.52 percent, to close at 14.851 dollars per ounce. Platinum for January delivery was up 21.6 dollars, or 2.75 percent, to settle at 807.10 dollars per ounce. Enditem

Related

Go to Forum >>0 Comment(s)