BUSINESS Gold futures snap four-day losing streaking on weakened U.S. dollar

BUSINESS

Gold futures snap four-day losing streaking on weakened U.S. dollar

Xinhua

08:06, June 30, 2018

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(Photo: sina.com)

Gold futures on the COMEX division of the New York Mercantile Exchange ended a four-day losing streak on Friday, as a weaker U.S. dollar boosted the value of the precious metal.

The most active gold contract for August delivery went up 3.5 dollars, or 0.28 percent, to close at 1,254.5 dollars per ounce.

The U.S. dollar index, which measures the buck against six rivals, dropped 0.68 percent to 94.662 as of 2000 GMT. However, the U.S. dollar boasts a weekly gain of 0.1 percent and is up 0.7 percent so far in June.

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

As for other precious metals, silver for September delivery added 15.7 cents, or 0.98 percent, to settle at 16.198 dollars per ounce. Platinum for October rose 2.5 dollars, or 0.29 percent, to close at 857.7 dollars per ounce.

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