Markets > Commodities

Gold futures edge slightly higher on weakened U.S. dollar

2018-08-08 08:58

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Gold futures on the COMEX division of the New York Mercantile Exchange closed slightly higher on Tuesday, a climb partly backed by a softening dollar that has provided short-term lift to the bullion that's been trading near the year's lows.

The most active gold contract for December delivery went up 0.6 dollar, or 0.05 percent, to close at 1,218.3 dollars per ounce.

The U.S. dollar index, which measures the buck against six rivals, decreased 0.12 percent to 95.26 as of 1945 GMT.

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 less expensive for investors using other currencies.

As for other precious metals, silver for September delivery went up 2.5 cents, or 0.16 percent, to settle at 15.373 dollars per ounce. Platinum for October added 5.1 dollars, or 0.62 percent, to close at 831.4 dollars per ounce.
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