Gold price retreats as US dollar strengthens

Chicago (Nov 24)  Gold futures on the COMEX division of the New York Mercantile Exchange fell on Friday as the U.S. dollar strengthened against a basket of other major currencies.

The most active gold contract for December delivery was down 4.8 dollars, or 0.39 percent, to settle at 1,223.20 dollars per ounce.

The U.S. dollar index, a gauge of the greenback against a basket of six other currencies, rose 0.42 percent to 96.90 as of 1758 GMT.

Gold and the dollar usually move in opposite directions. When the dollar rallies, gold futures will fall as gold, measured in the dollar, becomes more expensive for investors holding other currencies.

Still, the gold managed to end this trading week in the positive territory, posting a slim weekly gain of 0.2 dollar.

As the U.S. Federal Reserve is widely expected to raise key interest rates for a fourth time this year in December, the gold has been constantly under pressure of a stronger dollar.

On Friday, silver for December delivery went down 25.9 cents, or 1.79 percent, to close at 14.243 dollars per ounce. Platinum for January 2019 delivery was down 5.6 dollars, or 0.66 percent, to settle at 845.00 dollars per ounce.

NAnews

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