Gold down on stronger dollar

Chicago, July 31 (IANS) Gold futures on the COMEX division of the New York Mercantile Exchange fell as the dollar strengthened.

The most active gold contract for December delivery lost $4.6 or 0.42 percent, to settle at 1,088.70 dollar’s per ounce, Xinhua news agency reported.

The US Dollar Index rose by 0.45 percent to 97.60 on Friday. 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 rise in the dollar came after a press conference announcing the results of the US Federal Open Market Committee after the market closed on Wednesday. The meeting described US employment rates as “solid.”

Analysts say that the Fed is waiting for the labour market to improve and for inflation to hit the US central bank’s target of two percent before raising rates.

A report released on Thursday by the US department of commerce showed the US GDP increasing by 2.3 percent. Analysts say this figure was slightly lower than expected.

Silver for September delivery lost 4.7 cents, or 0.32 percent, to close at $14.696 per ounce. Platinum for October delivery added $5 or 0.51 percent, to close at $989.90 per ounce.

Leave a Reply

Please enter your comment!

The opinions, views, and thoughts expressed by the readers and those providing comments are theirs alone and do not reflect the opinions of or any employee thereof. is not responsible for the accuracy of any of the information supplied by the readers. Responsibility for the content of comments belongs to the commenter alone.  

We request the readers to refrain from posting defamatory, inflammatory comments and not indulge in personal attacks. However, it is obligatory on the part of to provide the IP address and other details of senders of such comments to the concerned authorities upon their request.

Hence we request all our readers to help us to delete comments that do not follow these guidelines by informing us at Lets work together to keep the comments clean and worthful, thereby make a difference in the community.

Please enter your name here