Gold falls as U.S. dollar strengthens

By Xu JingUnreguser

CHICAGO, March 29 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange fell on Wednesday as the U.S. dollar strengthened.

The most active gold contract for June delivery fell 5.90 U.S. dollars, or 0.30 percent, to close at 1,984.50 dollars per ounce.

Traders also took profits as gold futures failed to trade over the 1,990-dollar resistance level.

The National Association of Realtors reported Wednesday the U.S. pending home sales index rose 0.8 percent in February to the highest level since August, dampening gold.

Risk appetite is slowly coming back to the market this week. But current sentiment is bullish for gold as traders are concerned about the prospects of the banking industry and focused on the odds of a recession, market analysts hold.

Silver for May delivery rose 4.60 cents, or 0.20 percent, to close at 23.466 dollars per ounce. Platinum for July delivery rose 5.50 dollars, or 0.57 percent, to close at 977.40 dollars per ounce.

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