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Gold declines for third session on strong dollar, plummeting oil

Gold futures on the COMEX Division of the New York Mercantile Exchange ended lower for the third session on Monday as a stronger U.S. dollar and plunging oil reduced gold's appeal of hedge. Silver and platinum both fell, too.

Gold price for December delivery fell 5.40 dollars, or 0.5 percent, to finish at 1,004.90 dollars an ounce. In the morning electronic session, the contract dipped below 1,000 dollars, touching as low as 996.30.

Buoyed by the safe-haven buying, dollar bounced from its one-year low against most of its rivals ahead of the Federal Open Market Committee's two-day meeting on Tuesday and the Pittsburg G20 summit on Thursday. Risk aversion investors usually opt to purchase dollar to avoid the uncertainty of the two important meetings.

The dollar index, a gauge measuring the greenback's value against six other major currencies, hit a two-week high of 77.108,standing at 76.795 by the end of gold floor trading time.

On the energy front, oil prices in New York fell for a third straight day with the benchmark crude for October delivery lost more than 3 percent, or 2.79 dollars to 69.25 a barrel when gold pit trading closed. This also put some pressure on the precious metal.

December silver finished at 16.88 dollars per ounce, down 18.5 cents. October platinum fell 16 dollars to 1,322.20 dollars an ounce.

 Source : Xinhua  Editor: Ivy
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