Gold rises as U.S. dollar eases

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CHICAGO, Oct. 5 (Xinhua) — Gold futures on the COMEX division of the New York Mercantile Exchange rose on Friday as the U.S. dollar eased and equities fell.

The most active gold contract for December delivery went up 4 dollars, or 0.33 percent, to settle at 1,205.6 dollars per ounce.

The U.S. dollar index, a measure of the dollar against a basket of other major currencies, fell 0.11 percent to 95.66 as of 1720 GMT, after new employment data showed less-than-expected addition in September.

U.S. Labor Department reported that non-farm payroll increased by 134,000 jobs in September, versus economists’ estimate of 185,000 more jobs.

Gold and the dollar typically move in opposite directions, which means if the dollar goes down, gold futures will rise as gold, priced in the dollar, becomes less expensive for investors using other currencies.

Gold found additional support from falling stocks as the Dow Jones Industrial Average lost 286.40 points, or 1.08 percent as of 1731 GMT. The S&P 500 and Nasdaq fallowed Dow’s fall.

As for other precious metals, silver for December delivery went up 5.9 cents, or 0.4 percent, to close at 14.649 dollars per ounce. Platinum for January 2019 delivery went down 11.20 dollars, or 1.34 percent, to settle at 824.50 dollars per ounce.

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