Gold declines as dollar strengthens on safe-haven buying
replica breitlingCHICAGO, Feb. 12 (Xinhua) -- Gold futures on the COMEX Division of the New York Mercantile Exchange ended lower on Friday as dollar rose on concerns world economy recovery. Silver and platinum both went down.
The most active gold contract for April delivery dropped 4.70 U. S. dollars, or 0.4 percent, to finish at 1,090 dollars.
China's central bank announced to raise bank deposit reserve ratio by 0.5 percent overnight, trying to contain rapid economic growth and prevent speculative investment bubbles. This is the second increase in one month, refueling worries about the impact of monetary tightening on global growth.
Full lace wigsAt the same time, the disappointing European Union's economic data and uncertainty of resolving Greece's debt crisis further scared investors to flock to dollar for safety.
By the end of gold floor trading time, the dollar index, a gauge measuring the greenback's value against six major currencies, rose 0.375 to 80.475. This pressured gold to slide for investors usually purchase the precious
embroidered patches metal to hedge the risk of dollar depreciation.
March silver was down 14.3 cents to 15.447 dollars per ounce. April platinum lost 8.20 dollars to 1,511.10 dollars an ounce.
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