Wednesday, 19 September 2018 | 19:47 WIB

Gold Prices Rise Two Days In a Row

Gold futures on the COMEX division of the New York Mercantile Exchange rose for the second day in a row

CHICAGO, NNC - Gold futures on the COMEX division of the New York Mercantile Exchange rose for the second day in a row at the end of Wednesday's trading, Sept 12, or Thursday morning (Western Indonesian Time), Sept 13, due to the weakening of the US dollar.

The most active gold contract for December delivery rose $8.7 or 0.72 percent, to close at $1,210.9 per ounce.

The US dollar index, which measures the greenback against six other major currencies, fell 0.32 percent to 94.8 at 7:10 am GMT.

Gold usually moves in the opposite direction with the US dollar, meaning if the US dollar weakens then gold futures will rise, as gold is priced in US dollars, will be cheaper for investors using other currencies.

The US dollar stagnated, after investors viewed the new Beige Book report released by the US Federal Reserve.

According to the Beige Book, reports from the entire US Federal Reserve District showed that the US economy was growing at a moderate pace until the end of August.

The day before, gold futures also strengthened as investors turned to technical buying amid ongoing trade tensions between the United States and its main trading partners.

As for other precious metals, silver for December delivery rose $0.14 or 0.99 percent, to settle at $14.293 per ounce. Platinum for October delivery climbed $10.6 or 1.34 percent, to close at $799.9 per ounce, the Antara reported.