BUSINESS Gold futures rise on weakened US dollar

BUSINESS

Gold futures rise on weakened US dollar

Xinhua

11:50, August 23, 2018

Gold futures on the COMEX division of the New York Mercantile Exchange closed higher on Wednesday, as the US dollar goes weak, providing support for bullion.

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Illustration: VCG

The most active gold contract for December delivery went up 3.3 dollars, or 0.28 percent, to close at 1,203.3 dollars per ounce.

The US dollar index, which measures the buck against six rivals, decreased 0.16 percent to 95.05 as of 1825 GMT.

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

As for other precious metals, silver for September delivery went down 1.6 cents, or 0.11 percent, to settle at 14.75 dollars per ounce. Platinum for October was up 0.7 dollar, or 0.09 percent, to close at 793.7 dollars per ounce.

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