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Gold extends losses on firmer dollar

Fri, Sep 04, 2015, 12:03 PM
Chicago, Sep 4: Gold futures on the COMEX division of the New York Mercantile Exchange extended losses as the US dollar continued to strengthen.

The most active gold contract for December delivery lost $9.10 (0.80 percent) on Thursday to settle at $1,124.50 per ounce, reported Xinhua news agency.

The European Central Bank (ECB) decided to leave key interest rates unchanged and increase the issue share limit.

ECB President Mario Draghi said the issue share limit would be raised from the initial limit of 25 percent to 33 percent.

Analysts said the ECB's decision helped the US dollar continue to move higher against euro and other major currencies, pressing gold futures to settle lower.

The US stocks traded higher as investors tried to digest a batch of mixed economic reports. FTSE 100 Index, the British benchmark stock market also closed higher on Thursday, which also weighed on gold futures.

Analysts also said gold settled lower amid thin trade as investors wait for a key US jobs report to gauge the timing of a Federal Reserve rate hike.

As for the other metals on the Comex, silver for December delivery rose 4 cents (0.27 percent) to close at $14.707 per ounce.

Platinum for October delivery lost $3.50 (0.35 percent) to close at $1,010.10 per ounce.
Agency: IANS

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