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Gold futures rise as political concerns roil U.S. dollar

WT24 Desk

Gold futures on the COMEX division of the New York Mercantile Exchange rose on Friday, as the U.S. dollar weakened and equities dropped in the wake of news that former national security adviser Michael Flynn pleaded guilty to lying to the FBI, Xinhua reports.

The most active gold contract for February delivery added 5.6 U.S. dollars, or 0.44 percent, to settle at 1,282.3 dollars per ounce.

Flynn pleaded guilty Friday to lying to the FBI, after reaching a deal with the special counsel investigating Russia’s alleged interference in the U.S. election. Political concerns caused a sharp rise in risk aversion with stocks and the dollar going down, boosting the appeal of safe haven gold.

The U.S. dollar index, which measures the buck against six rivals, lost 0.2 percent at 93.88 as of 1930 GMT. A weaker dollar boosts gold as the falling currency makes the dollar-priced bullion more attractive to investors using another currency.

As for other precious metals, silver for March delivery went down 8.6 cents, or 0.52 percent, to close at 16.388 dollars per ounce. Platinum for January delivery fell 1.9 dollars, or 0.2 percent, to settle at 940.6 dollars per ounce.

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