Markets > Commodities

Gold futures settle slightly lower

2019-01-18 08:44

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Gold futures on the COMEX division of the New York Mercantile Exchange edged lower on Thursday amid a firm U.S. dollar.

The most active gold contract for February delivery was down 1.50 dollars, or 0.12 percent, to close at 1,292.30 dollars per ounce.

The U.S. dollar index, a gauge of the greenback against a basket of other major currencies, stayed almost unchanged at 96.08 around noon time. When the dollar rises or remains firm, it will pressure gold, as the yellow metal becomes less attractive to investors holding other currencies.

Meanwhile, the U.S. Dow Jones Industrial Average managed to keep in the positive territory toward the closure of gold futures market, and started a rally later over China trade optimism.

If equities post gains, the precious metal usually goes down, as investors are not necessarily looking for a safe haven.

However, uncertainty surrounding the Brexit, and a prolonged partial government shutdown in the United States, dented the loss of gold, a safe-haven asset, said analysts.

As for other precious metals, silver for March delivery went down 10.2 cents, or 0.65 percent, to close at 15.536 dollars per ounce. Platinum for April delivery was up 4.4 dollars, or 0.54 percent, to settle at 812.30 dollars per ounce.
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