Gold rises on weak dollar, falling from intraday high
www.chinaview.cn 2009-06-20 05:49:20   Print

    CHICAGO, June 19 (Xinhua) -- Gold futures on the COMEX Division of the New York Mercantile Exchange rose slightly on Friday due to a weak dollar, although most of the gains were pared as crude oil plummeted in the late session. Silver ended lower, but platinum gained a little.

    Gold price for August delivery climbed 1.60 U.S. dollars, or 0.2 percent, finishing at 936.20 dollars an ounce.

    Dollar was still the main factor that affected gold's trend. During the session, the rate against euro dropped to as low as 1.4010 dollars, declining more than 1 cent. Gold rose to its intraday high of 939.70 dollars as the appeal of safe-haven was strengthened.

    However, the precious metal gave back most of the gains after crude oil in New York sharply went down at noon. By the end of gold floor trading time, the benchmark crude oil contract for July delivery plummeted about 1.5 dollars a barrel in one and a half hours, dragging gold back to the closing level in the previous session.

    In the past five sessions, gold kept moving in a range of 20 dollars, mainly dominated by the value of dollar.

    July silver finished at 14.20 dollars per ounce, down 4 cents. July platinum gained 3.60 dollars to 1,211.20 dollars an ounce.

Editor: Yan
Related Stories
Home Business
  Back to Top