Gold edges higher despite strong U.S. dollar

Gold futures on the COMEX Division of the New York Mercantile Exchange gained slightly on Tuesday although a strong U.S. dollar provided some pressure. However, silver and platinum both ended lower.

Gold price for December delivery rose 30 cents, or 0.03 percent, to finish at 994.40 U.S. dollars an ounce.

Dollar had a relatively strong performance with the dollar index, a gauge measuring the greenback's value against a basket of major currencies, rose 0.185 to 77.122 from 76.937 on late Monday. The mild gain pressured slightly on the precious metal as investors usually purchase gold as a hedge against dollar depreciation.

On the economy front, the New York-based Conference Board, a private research group, reported that its Consumer Confidence Index unexpectedly dipped to 53.1 in September, down from the revised 54.5 reading in August.

Gold's appeal was refueled by the bearish consumer data for the yellow metal is traded as the hedge asset against economy recession.

December silver finished at 16.178 dollars per ounce, down 1.7 cents. January platinum lost 12.60 dollars to 1278.20 dollars an ounce.

Source:Xinhua