Gold futures on the COMEX division of the New York Mercantile Exchange rose on Thursday as the U.S. dollar fell and stocks pulled back sharply.
The most active gold contract for December delivery went up 3.80 dollars, or 0.30 percent, to close at 1,287.50 dollars per ounce.
New York stocks were hammered on Thursday after lawmakers in Washington hinted they would delay corporate tax reform until 2019.
The Dow Jones Industrial Average lost 163.69 points, or 0.69 percent to 23,399.67 points as of 1821 GMT. The S&P 500 and Nasdaq followed Dow's downturn.
The equities and gold typically move inversely. The fall of stocks increases investors' safe-haven appetite for gold.
Meanwhile, the U.S. dollar index, a gauge of the greenback against a basket of other major currencies, fell 0.44 percent to 94.46 as of 1811 GMT. A weakening dollar also makes gold more attractive to foreign investors using other currencies.
The most active gold contract for December delivery went up 3.80 dollars, or 0.30 percent, to close at 1,287.50 dollars per ounce.
New York stocks were hammered on Thursday after lawmakers in Washington hinted they would delay corporate tax reform until 2019.
The Dow Jones Industrial Average lost 163.69 points, or 0.69 percent to 23,399.67 points as of 1821 GMT. The S&P 500 and Nasdaq followed Dow's downturn.
The equities and gold typically move inversely. The fall of stocks increases investors' safe-haven appetite for gold.
Meanwhile, the U.S. dollar index, a gauge of the greenback against a basket of other major currencies, fell 0.44 percent to 94.46 as of 1811 GMT. A weakening dollar also makes gold more attractive to foreign investors using other currencies.
As for other precious metals, silver for December delivery fell 16.3 cents, or 0.95 percent, to close at 16.975 dollars per ounce. Platinum for next January went up 2.7 dollars, or 0.29 percent, to settle at 940.60 dollars per ounce.
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