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Gold rises as U.S. equities fall

2019-03-07 05:30

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CHICAGO, March 6 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose moderately on Wednesday as Wall Street stock benchmarks fell and U.S. dollar eased.

The most active gold contract for April delivery went up 2.90 dollars, or 0.23 percent, to settle at 1287.60 dollars per ounce. At midday, the Dow Jones Industrial Average fell 117.79 points, or 0.46 percent, to 25,688.84. The S&P 500 and Nasdaq Composite Index also followed Dow's fall.

When equities post losses, the precious metal usually goes up, as investors are looking for a safe haven.

Meanwhile, the U.S. dollar index, a gauge of the greenback against a basket of other major currencies, also retreated slightly on Wednesday to 96.87 around noon time.

If the dollar softens, gold futures will rise as gold, priced in the dollar, becomes less expensive for investors holding other currencies.

As for other precious metals, silver for May delivery was down 2 cents, or 0.13 percent to close at 15.085 dollars per ounce. Platinum for April delivery was down 9.9 dollars, or 1.18 percent, to settle at 828.10 dollars per ounce.
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