Gold futures on the COMEX division of the New York Mercantile Exchange settled lower on Monday as equities rallied over the latest progress of the U.S.-China trade talks.
The most active gold contract for April delivery went down 3.30 dollars, or 0.25 percent, to close at 1,329.50 dollars per ounce.
As both China and the United States reported substantial progress during the latest round of high-level trade talks which ended in Washington on Sunday, global stock markets were buoyed by the bullish development, especially after U.S. President Donald Trump tweeted that he would delay an increase in tariffs on Chinese goods.
At midday, the Dow Jones Industrial Average jumped 174.93 points, or 0.67 percent, to 26,206.74. The S&P 500 climbed 16.06 points, or 0.58 percent, to 2,808.73. The Nasdaq Composite Index advanced 61.07 points, or 0.81 percent, to 7,588.61.
When equities post gains, the precious metal usually goes down, as investors are not necessarily looking for a safe haven.
Meanwhile, the fall of gold was curbed by an eased U.S. dollar, as the U.S. dollar index, a gauge of the greenback against a basket of other major currencies, weakened for most of the day.
As for other precious metals, silver for March delivery went down 8.4 cents, or 0.53 percent, to close at 15.83 dollars per ounce. Platinum for April delivery was up 7.70 dollars, or 0.91 percent, to settle at 853.60 dollars per ounce.
The most active gold contract for April delivery went down 3.30 dollars, or 0.25 percent, to close at 1,329.50 dollars per ounce.
As both China and the United States reported substantial progress during the latest round of high-level trade talks which ended in Washington on Sunday, global stock markets were buoyed by the bullish development, especially after U.S. President Donald Trump tweeted that he would delay an increase in tariffs on Chinese goods.
At midday, the Dow Jones Industrial Average jumped 174.93 points, or 0.67 percent, to 26,206.74. The S&P 500 climbed 16.06 points, or 0.58 percent, to 2,808.73. The Nasdaq Composite Index advanced 61.07 points, or 0.81 percent, to 7,588.61.
When equities post gains, the precious metal usually goes down, as investors are not necessarily looking for a safe haven.
Meanwhile, the fall of gold was curbed by an eased U.S. dollar, as the U.S. dollar index, a gauge of the greenback against a basket of other major currencies, weakened for most of the day.
As for other precious metals, silver for March delivery went down 8.4 cents, or 0.53 percent, to close at 15.83 dollars per ounce. Platinum for April delivery was up 7.70 dollars, or 0.91 percent, to settle at 853.60 dollars per ounce.
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