CHICAGO, June 23 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose for a third session in a row Friday, boosted by a weaker dollar, economic and political uncertainty around the world, as well as the limited prospect of further interest rate rises in the United States.
The most active gold contract for August delivery rose 7 U.S. dollars, or 0.56 percent, to settle at 1,256.40 dollars per ounce.
Weakness in the U.S. dollar also helped to increase the precious metal prices as the U.S. Dollar Index was down 0.4 percent to 97.23 as of 1930 GMT.
The index is a measure of the dollar against a basket of other major currencies. Gold and the dollar typically move in opposite directions, which means if the dollar goes own, gold futures will rise.
The Federal Reserve should wait on any further rate increases until it is clear inflation is reliably heading to the Fed's 2 percent target, St. Louis Fed President James Bullard said on Friday, highlighting the central bank's struggle over how to weigh a recent slip in the rate of price increases.
As for other precious metals, silver for July delivery rose 13.8 cents, or 0.84 percent, to close at 16.647 dollars per ounce. Platinum for July delivery added 3.8 dollars, or 0.41 percent, to settle at 929.4 dollars per ounce.
