Gold falls as U.S. dollar strengthens

Gold futures on the COMEX division of the New York Mercantile Exchange closed lower on Wednesday as U.S. dollar strengthened.

The most active gold contract for April delivery went down 7.30 dollars, or 0.55 percent, to settle at 1,321.20 dollars per ounce.

The dollar index, which measures the greenback against six major peers, was up 0.15 percent to 96.1529 at 3:00 p.m. EST (2000 GMT).

Gold and the dollar usually move in opposite directions. When the dollar goes up, gold futures will fall as gold, measured by the dollar, becomes more expensive for investors holding other currencies.

As for other precious metals, silver for May delivery went down 16 cents, or 1 percent, to close at 15.766 dollars per ounce. Platinum for April delivery was up 9.50 dollars, or 1.1 percent, to settle at 869.90 dollars per ounce.

(ASIA PACIFIC DAILY)