Markets > Commodities

Gold futures fall as U.S. dollar strengthens

2018-07-11 08:37

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Gold futures on the COMEX division of the New York Mercantile Exchange closed lower on Tuesday, as a stronger U.S. dollar exerted pressure on the precious metal.

The most active gold contract for August delivery went down 4.2 U.S. dollars, or 0.33 percent, to close at 1,255.4 dollars per ounce.

The U.S. dollar index, which measures the buck against six rivals, rose 0.09 percent to 94.16 as of 1930 GMT.

Gold usually moves in opposite directions with the U.S. dollar, which means if the dollar goes up, gold futures will fall as gold, priced in U.S. dollar, becomes more expensive for investors using other currencies.

As for other precious metals, silver for September delivery went down 5.2 cents, or 0.32 percent, to settle at 16.087 dollars per ounce. Platinum for October fell 7.3 dollars, or 0.86 percent, to close at 846.2 dollars per ounce. Enditem

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