Gold rises on weaker U.S. dollar

By Xu JingUnreguser
  • World
  • Wednesday, 21 Feb 2024

CHICAGO, Feb. 20 (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 April delivery rose 15.70 U.S. dollars, or 0.78 percent, to close at 2,039.80 dollars per ounce.

China cut key interest rates for mortgages in an effort to boost the property sector, which may mean better demand for metals, thus supporting gold.

Traders are also waiting for the release of the minutes of the Federal Reserve's January monetary policy meeting on Wednesday.

The Conference Board reported Tuesday that its Leading Economic Index fell 0.4 percent in January, following a 0.2-percent drop in December. Economists had expected the index to fall less sharply, or 0.3 percent.

Silver for March delivery fell 33.90 cents, or 1.44 percent, to close at 23.136 dollars per ounce. Platinum for April delivery rose 0.80 dollars, or 0.09 percent, to close at 914.30 dollars per ounce.

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