Gold rises as U.S. dollar falls

CHICAGO, Nov. 14 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose on Tuesday as the U.S. dollar weakened.

The most active gold contract for December delivery rose 16.30 U.S. dollars, or 0.84 percent, to close at 1,966.50 dollars per ounce.

Gold found additional support on weaker than expected inflation data. The U.S. Labor Department reported Tuesday that U.S. consumer price index was unchanged in October on a seasonally adjusted basis, after increasing 0.4 percent in September. Over the last 12 months, the index increased 3.2 percent in October after rising 3.7 percent in September, the smallest in two years.

Speaking at a research conference in Zurich, Switzerland, on Tuesday, Federal Reserve Vice Chair Philip Jefferson said that inflation uncertainty can warrant more forceful action by the Federal Reserve. He also noted that inflation uncertainty in particular remains unusually high.

The National Federation of Independent Business reported Tuesday that its small-business optimism index fell to 90.7 in October from 90.8 in September, a little better than the 90.4 reading expected by economists.

Silver for December delivery rose 77.40 cents, or 3.46 percent, to close at 23.132 dollars per ounce. Platinum for January delivery rose 29.20 dollars, or 3.38 percent, to close at 892.80 dollars per ounce.

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