Gold inches up as dollar slips

08:31, January 20, 2011      

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Gold futures on the COMEX Division of the New York Mercantile Exchange eked out a 0.1 percent gain on Wednesday, as the recent weakness in U.S. dollar offered a boost to the precious metal. Silver edged lower, but platinum continued to climb.

The most active gold contract for February delivery added 2 dollars, or 0.1 percent, to 1,370.2 dollars per ounce.

The U.S. Dollar Index, a gauge of the U.S. currency versus six major peers, was down 0.6 percent, shortly after gold closed.

A trader mentioned that the continued weakness in the greenback helped support the gold market, as the weaker dollar makes dollar- denominated gold cheaper for buyers using other currencies.

Meanwhile, a trader mentioned that the rising demand for physical gold in Asia ahead of the Lunar New Year holiday also offered a strong boost to gold price.

Silver futures for March delivery pared 11.1 cents, or 0.4 percent, to 28.801 dollars per ounce. April Platinum added 9.8 dollars, or 0.5 percent, to 1,838.1 dollars per ounce.

Source: Xinhua
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