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Gold futures rise on weakened greenback

2018-09-07 09:03

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Gold futures on the COMEX division of the New York Mercantile Exchange settled higher for a second straight session on Thursday, as the U.S. dollar went down.

The most active gold contract for December delivery went up 3 dollars, or 0.25 percent, to close at 1,204.3 dollars per ounce.

The U.S. dollar index, which measures the buck against six rivals, went down 0.13 percent to 95.09 as of 1940 GMT.

Gold usually moves in opposite directions with the U.S. dollar, which means if the dollar goes weak, gold futures will rise as gold, priced in U.S. dollar, becomes less expensive for investors using other currencies.

As for stocks, the Dow Jones Industrial Average Index tipped higher Thursday but the broader market was under pressure, helping to boost the appeal of gold.

As for other precious metals, silver for December delivery fell 3.9 cents, or 0.27 percent, to settle at 14.181 dollars per ounce. Platinum for October went up 6.6 dollars, or 0.84 percent, to close at 790.9 dollars per ounce.
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