Gold edges higher as US dollar weakens

Gold futures on the COMEX division of the New York Mercantile Exchange reversed its downturn on Friday, as the US  dollar weakened, reports Xinhua.
The most active gold contract for August delivery rose 1.9 US dollars, or 0.15 per cent, to settle at 1,256.50 dollars per ounce. After the US Federal Reserve raised the benchmark interest rate to 1 to 1.25 per cents on Wednesday, gold futures posted losses amid sell-off.
When the US dollar Index fell again on Friday, down 0.29 per cent to 97.15 as of 1748 GMT, the gold futures started to rise.
The index is a measure of the dollar against a basket of other major currencies. When the dollar goes down, gold futures will rise.

Gold edges higher as US dollar weakens

Gold futures on the COMEX division of the New York Mercantile Exchange reversed its downturn on Friday, as the US dollar weakened, reports Xinhua. The most active gold contract for August delivery rose 1.9 US dollars, or 0.15 per cent, to settle at 1,256.50 dollars per ounce. After the US Federal Reserve raised the benchmark interest rate to 1 to 1.25 per cents on Wednesday, gold futures posted losses amid sell-off. When the US dollar Index fell again on Friday, down 0.29 per cent to 97.15 as of 1748 GMT, the gold futures started to rise. The index is a measure of the dollar against a basket of other major currencies. When the dollar goes down, gold futures will rise.