Gold futures rise on technical buying and weakened U.S. dollar

CHICAGO, Feb. 8 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose on Thursday, as a weakened U.S. dollar and a drop in the U.S. stock market gave gold prices enough support to recoup some of the losses over the past four sessions.

The most active gold contract for April delivery added 4.4 U.S. dollars, or 0.33 percent, to close at 1,319 dollars per ounce.

The U.S. dollar index, which measures the greenback against six rivals, went down 0.15 percent to 90.19 as of 1830 GMT.

Gold and the dollar typically move in opposite directions, which means if the dollar goes down, gold futures will rise.

As for other precious metals, silver for March delivery went up 10.3 cents, or 0.63 percent, to settle at 16.341 dollars per ounce. Platinum for April fell 3.3 dollars, or 0.34 percent, to close at 978.4 dollars per ounce.

[ Editor: meng ]
 

Comment

View all

Comments are filtered for language and registration is not required. Guangming Online makes no guarantee of comments' factual accuracy. By posting your comment you agree to our house rules.