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Gold ends slightly higher on weak dollar

Gold futures on the COMEX Division of the New York Mercantile Exchange gained a little on Tuesday as dollar dropped warmly due to equities' rally. Silver inches lower, but platinum rose.

Gold price for December delivery climbed 3.40 U.S. dollars, or 0.4 percent, to finish at 939.20 dollars an ounce.

After Monday's plunge, the stock markets regained strength with the Dow Industrials surging about 80 points, or 0.8 percent, back above 9,200 points. The dollar which has served as a safe-haven asset went down as its appeal weakened, providing support for dollar-denominated precious metals.

By the end of gold floor trading time, dollar index, a gauge measuring the greenback's value against six major currencies, dropped to 79.007 from previous session's 79.213.

On the economy front, the Labor Department reported that the Producer Price Index (PPI) dropped 0.9 percent in July, which is triple the decline economists had expected. Worries on deflation weighed on the precious metal and limited the gains.

September silver finished at 13.96 dollars per ounce, down 1.5 cents. October platinum rose 9.50 dollars to 1232.10 dollars an ounce. 

 Source : Xinhua News Agency  Editor: Ivy
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