Markets > Commodities

Gold futures end lower on stronger greenback

2019-01-11 08:38

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Gold futures on the COMEX division of the New York Mercantile Exchange edged lower on Thursday, as the precious metal was kept under pressure by a stronger U.S. dollar.

The most active gold contract for February delivery went down 4.60 dollars, or 0.36 percent, to settle at 1,287.40 dollars per ounce.

Analysts said movements in the greenback continue to be among the biggest factors for gold, with the currency in turn taking its cue from expectations around the Federal Reserve's rate plans.

The dollar has weakened this month on expectations the Fed will be less aggressive than previously thought in tightening monetary policy.

The U.S. dollar index, which measures the buck against six rivals, went up 0.28 percent to 95.46 as of 1815 GMT.

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

As for other precious metals, silver for March delivery was down 9.20 cents, or 0.58 percent, to settle at 15.643 dollars per ounce. Platinum for April delivery added 0.80 dollar, or 0.10 percent, to close at 826.10 dollars per ounce. Enditem
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