CHICAGO, July 19 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange fell on Thursday as dollar stayed firm despite U.S. President Donald Trump's comments on rate hikes.
The most active gold contract for August delivery went down 3.9 dollars, or 0.32 percent, to close at 1,224.00 dollars per ounce.
Trump told CNBC he isn't "thrilled" that the Federal Reserve is hiking interest rates. By raising borrowing costs, Trump believes Fed's policy would potentially slowing the economy.
Such a move by Trump broke long-standing precedent of U.S. presidents not commenting on the Fed, said analysts.
In response, the U.S. dollar index, a gauge of the dollar against a basket of other major currencies, fell sharply from well above 95, but later rallied back to 95 again.
Gold and the dollar typically move in opposite directions. When the dollar rises or remains firm, gold futures will fall as gold, measured by the dollar, becomes more expensive for investors using other currencies.
As for other precious metals, silver for September delivery went down 17.2 cents, or 1.1 percent, to close at 15.402 dollars per ounce. Platinum for October was down 11.5 dollars, or 1.41 percent, to settle at 806.30 dollars per ounce. Enditem
