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Gold advances on weak dollar

English.news.cn   2014-05-20 05:29:47

CHICAGO, May 19 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose Monday as the U.S. dollar showed weakness.

The most active gold contract for June rose 0.4 dollars, or 0. 03 percent, to settle at 1293.8 dollars per ounce.

Comments from senior Fed officials have become a primary market mover. Dallas Fed President Richard Fisher and San Francisco Fed President John Williams said during a discussion on Monday that the Federal Reserve is likely to raise interest rates next year, dragging down the dollar.

More news is expected out on Wednesday when Fed Chairwoman Janet Yellen will give a commencement speech at New York University, and the minutes of the last Fed board meeting will be released.

Besides, the U.S. Department of Labor is scheduled to release new jobless claims report, and the Chicago Fed will release its national activity index Thursday.

The European Central Bank and other central banks announced Monday the renewal of the current central bank gold agreement from September this year, which is aimed at preserving clarity and transparency for gold-market participants.

World Gold Council said in a statement that over the past 5 years, major gold holders from European central banks have " virtually stopped all gold sales," selling less than 25 tonnes of gold against an agreed limit of 2,000 tonnes.

Silver for July delivery gained 2.4 cents, or 0.12 percent, to 19.353 dollars per ounce. Platinum for July delivery added 4.1 dollars, or 0.28 percent, to 1470.2 dollars per ounce.

Editor: Mu Xuequan
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