TEMPO.CO, Chicago - Gold futures on the COMEX division of the New York Mercantile Exchange rose again for the fifth consecutive day on Wednesday, supported by a weaker US dollar, reports said Thursday, August 13.
The most active gold contract for December delivery rose 15.9 dollars, or 1.44 percent, to settle at 1123.60 dollars per ounce, Xinhua reported.
The US dollar index fell 0.96 percent to 96.27 at 6:07pm GMT. The index is a measure of the dollar against a number of major currencies.
Gold and the dollar usually move in opposite directions, which means that if the dollar goes down then gold futures will rise, because gold priced in dollars, become cheaper for investors.
Gold received additional support when the report from the US Labor Department showed job openings and labor turnover survey index fell to 5.249 million from 5.357 million.
This report can also affect plans for expectations of an increase in interest rates on the US central bank. The Fed interest rate hikes may push investors away from gold and towards assets with yield, as the precious metal does not charge interest. There has been no increase in the federal funds rate since June 2006, before the start of the American financial crisis.
Silver for September delivery increased 19.2 cents, or 1.26 percent, to close at 15.476 dollars per ounce. Platinum for October delivery rose 7.6 US dollars, or 0.77 percent, to close at 999.90 dollars per ounce.