Gold futures rise on weakened U.S. dollar

Source: Xinhua| 2018-06-14 04:23:33|Editor: Mu Xuequan
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CHICAGO, June 13 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange edged slightly higher on Wednesday, as the U.S. dollar weakened before Federal Reserve lifted a key interest rate.

The most active gold contract for August delivery went up 1.9 dollars, or 0.15 percent, to close at 1,301.3 dollars per ounce.

The U.S. dollar index, which measures the buck against six rivals, went down 0.19 percent to 93.59 as of 1830 GMT.

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

Fed announced to raise short-term interest rates by a quarter of a percentage point after the gold futures market closed. As a result, gold prices fell back under the 1,300 dollars per ounce in electronic trading.

As for other precious metals, silver for July delivery rose 10 cents, or 0.59 percent, to settle at 16.991 dollars per ounce. Platinum for July went up 1 dollar, or 0.11 percent, to close at 902.5 dollars per ounce.