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Gold rises on weaker dollar


08:09, March 15, 2013

CHICAGO, March 14 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose on a weaker U.S. dollar Thursday.

The most active gold contract for April delivery rose 2.3 dollars, or 0.14 percent, to settle at 1,590.7 dollars per ounce.

The dollar's climb to a seven-month high led to a 0.21-percent slip in gold in the previous trading day. On Thursday, the dollar index, a measure of the greenback against a basket of major currencies, went down to 82.578 from 82.936 Wednesday.

The dollar usually moves inversely with gold.

However, the U.S. Labor Department released a report Thursday showing that initial jobless claims fell by 10,000 to a seasonally adjusted 332,000 in the week ended March 9, the second lowest level in five years. The news boosted U.S. equities while dampening gold.

Market analysts expect a range trading of gold between 1,560 dollars and 1,625 dollars per ounce in the next quarter.

Investors are also looking to the results of the meeting of the Reserve Bank of India to be held in the next week.

Silver for May delivery lost 15.1 cents, or 0.52 percent, to close at 28.807 dollars per ounce. Platinum for April delivery fell 3.3 dollars, or 0.21 percent, to close at 1,589.8 dollars per ounce.

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