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.

 

 

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