Gold futures on the COMEX division of the New York Mercantile Exchange closed lower on Monday as the U.S. dollar rose against a basket of other currencies, especially the British pound.
The most active gold contract for February 2019 delivery was down 3.20 U.S. dollars, or 0.26 percent, to settle at 1,249.40 dollars per ounce.
The U.S. dollar moved up after British Prime Minister Theresa May announced plans to postpone parliament's vote scheduled for Tuesday on Brexit deal with the European Union, which led to sharp decline of the pound.
The pound has lost more than 1 percent on Monday against the dollar following May's announcement, which is aimed at a better deal with Brussels on the Irish border issue.
The U.S. dollar index, a gauge of the greenback against a basket of other major currencies, including the pound, surged well above 97.00 as the pound plummeted to 20-month low.
The dollar and gold usually move in opposite directions. When the dollar rises, gold futures will fall, as the dollar-priced gold becomes expensive for investors holding other currencies.
As for other precious metals, silver for March 2019 delivery went down 9.1 cents, or 0.62 percent, to close at 14.605 dollars per ounce. Platinum for January delivery was down 8.3 dollars, or 1.05 percent, to settle at 782.10 dollars per ounce.
The most active gold contract for February 2019 delivery was down 3.20 U.S. dollars, or 0.26 percent, to settle at 1,249.40 dollars per ounce.
The U.S. dollar moved up after British Prime Minister Theresa May announced plans to postpone parliament's vote scheduled for Tuesday on Brexit deal with the European Union, which led to sharp decline of the pound.
The pound has lost more than 1 percent on Monday against the dollar following May's announcement, which is aimed at a better deal with Brussels on the Irish border issue.
The U.S. dollar index, a gauge of the greenback against a basket of other major currencies, including the pound, surged well above 97.00 as the pound plummeted to 20-month low.
The dollar and gold usually move in opposite directions. When the dollar rises, gold futures will fall, as the dollar-priced gold becomes expensive for investors holding other currencies.
As for other precious metals, silver for March 2019 delivery went down 9.1 cents, or 0.62 percent, to close at 14.605 dollars per ounce. Platinum for January delivery was down 8.3 dollars, or 1.05 percent, to settle at 782.10 dollars per ounce.
Latest comments