Gold down on stronger U.S. dollar

By Xu JingUnreguser

CHICAGO, Jan. 22 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange fell on Friday as the U.S. dollar rose.

The most active gold contract for February delivery fell 9.7 U.S. dollars, or 0.52 percent, to close at 1,856.2 dollars per ounce.

Upbeat economic figures released on Friday also dampened gold. IHS Markit reported U.S. Services Business Activity Index at a 2-month higher of 57.5 in January, up from 54.8 in December; and U.S. Manufacturing PMI climbed to a record 59.1 in January from 57.1 in December.

Market analysts believe that demand for gold will remain strong in the short and medium term as the potential for additional economic stimulus and therefore potential inflation remains high.

Silver for March delivery fell 29.8 cents, or 1.15 percent, to close at 25.556 dollars per ounce. Platinum for April delivery fell 16.4 dollars, or 1.45 percent, to close at 1,111.6 dollars per ounce.

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