Gold rises as dollar dives
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E-mail Xinhua, July 22, 2017
CHICAGO, July 21 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose for the sixth consecutive session on Friday as the U.S. dollar dived.
The most active gold contract for August delivery hiked 9.40 U.S. dollars, or 0.75 percent, to settle at 1,254.90 dollars per ounce.
The U.S. dollar Index declined 0.37 percent to 93.89 as of 1731 GMT, the first time since June 2016 hovering below 94.
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 down, gold futures will rise.
The euro jumped sharply against the U.S. dollar after the European Central Bank's president Mario Draghi indicated on Thursday that the ECB might discuss changes to its stimulus program later this year.
The U.S. dollar has been further weakened by the turmoil in the White House, as Press Secretary Sean Spicer resigned on Friday after reportedly voicing his opposition to the hiring of Anthony Scaramucci as White House communications director.
The failure to repeal and replace Obamacare, the investigation into ties between the Trump campaign and Russia, also pushed investors to seek safe haven, said analysts.
Meanwhile, the Dow Jones Industrial Average went down 41.58 points, or 0.19 percent, to 21,570.20 as of 1741 GMT. When equities post losses, the gold futures usually rise.
As for other precious metals,silver for September delivery rose 11.2 cents, or 0.69 percent, to close at 16.457 dollars per ounce. Platinum for October increased 4.2 dollars, or 0.45 percent, to settle at 937.40 dollars per ounce. Enditem
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