Gold up despite stronger US dollar

Chicago, Aug 5 (IANS) Gold futures on the COMEX division of the New York Mercantile Exchange rose as technical trading gave support to metal despite the strengthening of the US dollar.

The most active gold contract for December delivery rose $1.3 (0.12 percent) to settle at $1,090.70 per ounce, Xinhua reported.

Technical trading caused an increase in the price of gold as analysts say gold had its worst month in two years.

Gold was put under pressure as the US dollar rose by 0.3 percent to 97.74 on Tuesday. The index is a measure of the dollar against a basket of major currencies.

Gold and the dollar move in opposite directions. If the dollar goes up, gold futures will fall as gold, measured by the dollar, becomes more expensive for investors.

The precious metal was put under additional pressure according to a report by the US department of commerce, which showed factory orders increasing by 1.8 percent.

Silver for September delivery rose 4.2 cents (0.29 percent) to close at $14.557 per ounce.

Platinum for October delivery fell $8.6 (0.89 percent) to close at $958.50 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