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Gold retreats as dollar firms

(Xinhua)

10:39, September 02, 2011

CHICAGO, Sept. 1 (Xinhua) -- Gold futures on the COMEX Division of the New York Mercantile Exchange ended a tad lower on Thursday, pressured by a rising dollar, as investors booked some profits after two days of gains. The better-than-expected U.S. manufacturing data also dimmed some of the shine of gold as a safe haven asset.

The most active gold contract for December delivery dipped 2.6 dollars, or 0.1 percent, to 1,829.1 dollars per ounce.

The Institute for Supply Management (ISM)'s manufacturing index came in at 50.6 for August, beating expectations for a reading of 48.8. The index was at 50.9 last month and readings above 50 indicate manufacturing is expanding.

A trader mentioned that the better-than-expected ISM data, has taken a toll on gold price, as many investors who bought gold on the belief that it holds its value better than other assets during economic turmoil, chose to lock in profits from recent gains.

Meanwhile, a stronger dollar also added further downward pressure on gold price, as a stronger greenback makes dollar- denominated bullion more expensive for holders of other currencies.

Silver for December delivery trimmed 23.6 cents, or 0.6 percent, to 41.532 dollars per ounce. Platinum for October delivery dropped 3.3 dollars, or 0.2 percent, to 1,852.9 dollars per ounce.


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