CHICAGO, Dec. 31 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange settled higher on Tuesday as U.S. dollar weakened further and tensions in the Middle East flared up.
The most active gold contract for February delivery rose 4.5 U.S. dollars, or 0.3 percent, to close at 1,523.1 dollars per ounce, a 14-week high on the last trading day of 2019.
The U.S. dollar index, a gauge of the greenback against a basket of other major currencies, continued its fall on Tuesday, now staying below 96.5.
When the dollar softens, it makes dollar-priced gold less expensive and more attractive to investors holding other currencies.
Gold, a safe-haven asset, also found support in rising tensions in the Middle East as Iraqi demonstrators stormed the U.S. embassy compound in Baghdad on Tuesday. The protest came two days after the U.S. forces bombarded headquarters of Hashd Shaabi's 45th and 46th Brigades, leaving 25 killed and 51 injured.
As for other precious metals, silver for March delivery was down 8 cents, or 0.44 percent, to close at 17.921 dollars per ounce. Platinum for April delivery rose 12.4 dollars, or 1.28 percent, to settle at 977.8 dollars per ounce.
The most active gold contract for February delivery rose 4.5 U.S. dollars, or 0.3 percent, to close at 1,523.1 dollars per ounce, a 14-week high on the last trading day of 2019.
The U.S. dollar index, a gauge of the greenback against a basket of other major currencies, continued its fall on Tuesday, now staying below 96.5.
When the dollar softens, it makes dollar-priced gold less expensive and more attractive to investors holding other currencies.
Gold, a safe-haven asset, also found support in rising tensions in the Middle East as Iraqi demonstrators stormed the U.S. embassy compound in Baghdad on Tuesday. The protest came two days after the U.S. forces bombarded headquarters of Hashd Shaabi's 45th and 46th Brigades, leaving 25 killed and 51 injured.
As for other precious metals, silver for March delivery was down 8 cents, or 0.44 percent, to close at 17.921 dollars per ounce. Platinum for April delivery rose 12.4 dollars, or 1.28 percent, to settle at 977.8 dollars per ounce.
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