gold up on weaker dollar
Last Updated : GMT 16:22:18
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Gold up on weaker dollar

Arab Today, arab today

Arab Today, arab today Gold up on weaker dollar

Gold up on weaker dollar
Chicago - XINHUA

Gold futures on the COMEX division of the New York Mercantile Exchange rallied above 1,100 U.S. dollars on Monday amid a weaker U.S. dollar after falling for a seventh week in a row.

The most active gold contract for December delivery gained 10 U. S. dollars, or 0.91 percent, to settle at 1,104.10 dollars per ounce.

The U.S. Dollar Index fell by 0.43 percent to 97.17 as of 18:02 GMT. The index is a measure of the dollar against a basket of major currencies. Gold and the dollar typically move in opposite directions, which means if the dollar goes up, gold futures will fall as gold, measured by the dollar, becomes more expensive for investors.

The price of the precious metal was prevented from rising further as traders reacted to the jobs report released Friday which put pressure on gold. Analysts say the report supported a September increase in the U.S. Federal Reserve's interest rate. An increase in the Fed's interest rate drives investors away from gold and towards assets with a return, as the precious metal bears no interest. There has not been an increase in the Fed's interest rate since June 2006, before the beginning of the American financial crisis.

Silver for September delivery added 47.1 cents, or 3.18 percent, to close at 15.292 dollars per ounce. Platinum for October delivery rose 27.6 dollars, or 2.87 percent, to close at 989.80 dollars per ounce.

 

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