Gold edges higher as dollar falls
- Source: Xinhua
- [08:22 August 12 2009]
- Comments
Gold futures on the COMEX Division of the New York Mercantile Exchange ended higher for the first session in five on Tuesday, as dollar went down and investors have been waiting for the Fed Reserve's attitude on the economy. Silverand platinum both ended a little lower.
Gold price for December delivery rose 70 cents, or 0.07 percent, to finish at $947.60 an ounce.
Weak dollar was the main factor which helped the precious metal close higher. By the end of gold floor trading time, the dollar index, a gauge measuring the greenback's value against the other six major rivals, fell 0.2 percent. The rate against euro also dropped.
Earlier in the session, dragged by the plunging crude oil, which moved back below $70 a barrel, the yellow metal once fell to intraday low of $943.60 an ounce.
It is widely expected that the Fed will announce on Wednesday that the key interest rates will remain steady at near zero, but investors are waiting for the central bank's assessment of the economy, which may put an important impact on dollar's trend.
September silver finished at $14.345 per ounce, down 1 cent. October platinum fell $5.80 to $1,245.10 an ounce.
