Xinhua, Chicago :
Gold futures on the COMEX division of the New York Mercantile Exchange rose slightly on Wednesday but was still lingering near one year lows.
The most active gold contract for August delivery went up only 60 cents, or 0.05 percent, to close at 1,227.90 dollars per ounce, remaining at the lowest level since July 2017.
Federal Reserve Chairman Jerome Powell’s remarks on Tuesday about U.S. economy and projection of gradual hikes in key interest rates boosted the dollar.
The U.S. dollar index, a gauge of the dollar against a basket of other major currencies, was well above 95 on Wednesday morning, but later retreated to 94.75 as of 1745 GMT.
Gold and the dollar typically move in opposite directions. When the dollar retreats, gold futures will rise as gold, measured by the dollar, becomes less expensive for investors using other currencies.
However, the Dow Jones Industrial Average continued to rise, denting the gains of gold.
As for other precious metals, silver for September delivery went down 4.3 cents, or 0.28 percent, to close at 15.574 dollars per ounce. Platinum for October was down 2.1 dollars, or 0.26 percent, to settle at 817.80 dollars per ounce.
Gold futures on the COMEX division of the New York Mercantile Exchange rose slightly on Wednesday but was still lingering near one year lows.
The most active gold contract for August delivery went up only 60 cents, or 0.05 percent, to close at 1,227.90 dollars per ounce, remaining at the lowest level since July 2017.
Federal Reserve Chairman Jerome Powell’s remarks on Tuesday about U.S. economy and projection of gradual hikes in key interest rates boosted the dollar.
The U.S. dollar index, a gauge of the dollar against a basket of other major currencies, was well above 95 on Wednesday morning, but later retreated to 94.75 as of 1745 GMT.
Gold and the dollar typically move in opposite directions. When the dollar retreats, gold futures will rise as gold, measured by the dollar, becomes less expensive for investors using other currencies.
However, the Dow Jones Industrial Average continued to rise, denting the gains of gold.
As for other precious metals, silver for September delivery went down 4.3 cents, or 0.28 percent, to close at 15.574 dollars per ounce. Platinum for October was down 2.1 dollars, or 0.26 percent, to settle at 817.80 dollars per ounce.
