Markets > Commodities

Gold futures edge lower on technical selling

2019-04-18 04:43

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CHICAGO, April 17 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange edged lower on Wednesday, as the precious metal was curbed by traders' technical selling.

The most active gold contract for June delivery went down 0.4 dollar, or 0.03 percent, to settle at 1,276.80 dollars per ounce.

However, gold's decline was limited by the weakness of greenback. The U.S. dollar index, which measures the buck against six rivals, went down 0.08 percent to 96.99 as of 1730 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 May delivery was up 2.4 cents, or 0.16 percent, to settle at 14.939 dollars per ounce. Platinum for July delivery was up 7.1 dollars, or 0.8 percent, to close at 891.3 dollars per ounce. Enditem

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