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​Gold futures edge slightly lower on stronger U.S. dollar

2018-05-15 09:44

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Gold futures on the COMEX division of the New York Mercantile Exchange fell slightly on Monday, as the U.S. dollar drifted a bit higher.

The most active gold contract for June delivery went down 2.5 dollars, or 0.19 percent, to close at 1,318.2 dollars per ounce.

The U.S. dollar index, which measures the buck against six rivals, went up 0.05 percent to 92.581 as of 2000 GMT .

Gold and the dollar typically move in opposite directions, which means if the dollar goes up, gold futures will fall.

Meanwhile, Treasury yields saw sizable gains on Monday as traders looked for further clues on the Fed's rate-increase intentions. The 10-year Treasury note yield added 1.6 basis points 2.983 percent. Higher Treasury yields can spell weakness for gold which, like other commodities, offers no yield.

As for other precious metals, silver for July delivery went down 10.7 cents, or 0.64 percent, to settle at 16.645 dollars per ounce. Platinum for July dropped 11 dollars, or 1.19 percent, to close at 914.9 dollars per ounce.
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