Xinhua, Chicago :
Gold futures on the COMEX division of the New York Mercantile Exchange rebounded on Tuesday as the U.S. dollar index declined.
The most active gold contract for August delivery rose 11.80 dollars, or 0.95 percent, to close at 1,253.50 dollars per ounce.
The rebounce from its lowest settlement since last December was due to the pause of U.S. dollar’s rise.
The U.S. dollar index, a gauge of the greenback against a basket of other major currencies, fell 0.18 percent to 94.70 as of 1637 GMT.
When the dollar goes down, gold futures will rise, as the precious metal becomes less expensive for investors using other currencies.
Meanwhile, the Dow Jones Industrial Average continued its fall. It lost 76.75 points, or 0.32 percent to 24,230.43 as of 1647 GMT. The fall of equities have added support to the gold.
However, some analysts argue that gold still faces pressure as the dollar will probably continue gaining momentum against rival currencies.
As for other precious metals, silver for September delivery went up 20.8 cents, or 1.31 percent, to close at 16.043 dollars per ounce. Platinum for October was up 32.9 dollars, or 4.04 percent, to settle at 846.30 dollars per ounce.
Gold futures on the COMEX division of the New York Mercantile Exchange rebounded on Tuesday as the U.S. dollar index declined.
The most active gold contract for August delivery rose 11.80 dollars, or 0.95 percent, to close at 1,253.50 dollars per ounce.
The rebounce from its lowest settlement since last December was due to the pause of U.S. dollar’s rise.
The U.S. dollar index, a gauge of the greenback against a basket of other major currencies, fell 0.18 percent to 94.70 as of 1637 GMT.
When the dollar goes down, gold futures will rise, as the precious metal becomes less expensive for investors using other currencies.
Meanwhile, the Dow Jones Industrial Average continued its fall. It lost 76.75 points, or 0.32 percent to 24,230.43 as of 1647 GMT. The fall of equities have added support to the gold.
However, some analysts argue that gold still faces pressure as the dollar will probably continue gaining momentum against rival currencies.
As for other precious metals, silver for September delivery went up 20.8 cents, or 1.31 percent, to close at 16.043 dollars per ounce. Platinum for October was up 32.9 dollars, or 4.04 percent, to settle at 846.30 dollars per ounce.
