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​Gold falls as equities rally

2019-01-19 12:51

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Gold futures on the COMEX division of the New York Mercantile Exchange fell on Friday as the U.S. dollar strengthened and equities rallied.

The most active gold contract for February delivery was down 9.70 dollars, or 0.75 percent, to settle at 1,282.60 dollars per ounce.

The Dow Jones Industrial Average surged more than 1 percent amid rising hopes for more progress in trade talks between the United States and China. The S&P 500 and Nasdaq also advanced significantly on Friday.

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

Meanwhile, the U.S. dollar index, a gauge of the greenback against a basket of other major currencies, edged about 0.3 percent higher at noon time. When the dollar rises, it makes gold, which is priced in the dollar, less attractive for investors holding other currencies.

As for other precious metals, silver for March delivery went down 13.7 cents, or 0.88 percent, to close at 15.399 dollars per ounce. Platinum for April delivery was down 10.2 dollars, or 1.26 percent, to settle at 802.10 dollars per ounce.
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