Gold rises to 2-year high on weaker US dollar

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Chicago, July 7 (IANS) Gold futures on the COMEX division of the New York Mercantile Exchange rose to a two-year high as the US dollar weakened.

The most active gold contract for August delivery on Wednesday rose $8.40, or 0.62 per cent, to settle at $1,367.10 per ounce, the highest settlement since March 2014, Xinhua news agency reported.

Gold futures extended some gains from its settlement in electronic trading after the Federal Reserve released its minutes of June policy meeting.

Gold was given support as the US Dollar Index fell against most of other major currencies on Wednesday, according to analysts.

Silver for September delivery rose 29.60 cents, or 1.49 per cent, to close at $20.203 per ounce.

Platinum for October delivery added $14.40, or 1.34 per cent, to close at $1,091.30 dollars per ounce.

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