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Gold falls on strong U.S. dollar

English.news.cn   2014-08-30 05:41:33

CHICAGO, Aug. 29 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange retreated Friday as the U.S. dollar remained strong despite a slowdown in consumer spending and escalating Ukraine tensions.

The most active gold contract for December delivery lost 3 U.S. dollars, or 0.23 percent, to settle at 1,287.4 dollars per ounce.

December gold fell from its highest settlement price in six days on Friday, as the dollar rose against most major currencies, following the release of weak economic data from Europe and Japan.

The ICE U.S. Dollar Index, a measure of the dollar's strength against six rival currencies, stood at 82.5260 on Friday, up from 82.4770 a day earlier. In late New York trading on Friday, the euro fell to 1.3134 dollars from 1.3183 dollars in the previous session. As Gold is traded in dollars, it becomes more expensive for buyers who use other currencies.

Meanwhile, gold shed some losses as renewed tensions in Ukraine continued to weigh on the market, shoring up safe-haven demand.

Silver for December delivery lost 11.7 cents, or 0.6 percent, to close at 19.492 dollars per ounce. Platinum for October delivery fell 0.5 dollars, or 0.04 percent, to close at 1,424.7 dollars per ounce.

Editor: Mu Xuequan
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