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Gold rises as U.S. dollar falls

Tan KW
Publish date: Wed, 18 May 2022, 08:28 AM
Tan KW
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CHICAGO, May 17 -- Gold futures on the COMEX division of the New York Mercantile Exchange rose on Tuesday as the U.S. dollar weakened.

The most active gold contract for June delivery rose 4.9 U.S. dollars, or 0.27 percent, to close at 1,818.9 dollars per ounce.

Economic data released Tuesday capped gold's growth somewhat. The U.S. Commerce Department reported that U.S. retail sales grew 0.9 percent in April, a solid increase that underscores Americans' ability to keep ramping up spending even as inflation persists at nearly a 40-year high.

The Federal Reserve reported that the U.S. total industrial production index increased 1.1 percent in April, the fourth consecutive month of gains of 0.8 percent or greater. And the manufacturing output rose 0.8 percent.

Silver for July delivery rose 19.9 cents, or 0.92 percent, to close at 21.75 dollars per ounce. Platinum for July delivery rose 18.1 dollars, or 1.96 percent, to close at 943.4 dollars per ounce.

 


  - Xinhua

 

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