Gold futures settle higher on weakened U.S. dollar

Source: Xinhua| 2018-03-10 04:58:44|Editor: Mu Xuequan
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CHICAGO, March 9 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose on Friday, as the greenback weakened following the monthly governmental employment data.

The most active gold contract for April delivery went up 2.3 dollars, or 0.17 percent, to close at 1,324 dollars per ounce.

The latest snapshot of the U.S. labor market showed strong job growth and a higher participation rate, with the nation adding 313,000 new jobs in February. But the 12-month increase in pay slipped to 2.6 percent from a revised 2.8 percent in January.

The U.S. dollar index, which measures the buck against six rivals, went down 0.4 percent to 90.11 as of 1830 GMT.

Gold and the dollar typically move in opposite directions, which means if the dollar goes weak, gold futures will rise.

As for other precious metals, silver for May delivery rose 10.8 cents, or 0.65 percent, to settle at 16.608 dollars per ounce. Platinum for April added 11.9 dollars, or 1.25 percent, to close at 964.2 dollars per ounce.

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