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Gold retreats as U.S. dollar strengthens
Last Updated: 2018-12-14 11:12 | Xinhua
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Gold futures on the COMEX division of the New York Mercantile Exchange edged lower on Thursday as the U.S. dollar strengthened against the euro and a basket of other major currencies.

The most active gold contract for February 2019 delivery was down 2.60 dollars, or 0.21 percent, to settle at 1247.40 dollars per ounce.

The U.S. dollar index, a gauge of the greenback against a basket of other major currencies, rose 0.05 percent to 97.04 as of 1823 GMT.

The European Central Bank (ECB) announced earlier Thursday to end its massive four-year asset purchase programme, while keeping the key interest rates for the euro area unchanged, as most analysts expected.

The ECB President Mario Draghi admitted downside risk of the euro zone economy, which led to the slump of the euro against the U.S. dollar.

When the dollar strengthens, gold futures will usually fall, as dollar-priced gold becomes expensive for investors holding other currencies.

As for other precious metals, silver for March 2019 delivery went up 0.4 cent, or 0.03 percent, to close at 14.855 dollars per ounce. Platinum for January delivery was down 9.6 dollars, or 1.19 percent, to settle at 797.50 dollars per ounce. Enditem

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