Markets > Commodities

Gold futures fall on stronger greenback, rising U.S. equities

2019-05-15 04:33

Already collect

CHICAGO, May 14 (Xinhua) --- Gold futures on the COMEX division of the New York Mercantile Exchange closed below 1,300 U.S. dollars per ounce on Tuesday, as the greenback went stronger and U.S. equity benchmarks rebounded from trade-related uncertainty.

The most active gold contract for June delivery went down 5.5 dollars, or 0.42 percent, to settle at 1,296.3 dollars per ounce.

The U.S. dollar index, which measures the buck against six rivals, went up 0.13 percent to 97.50 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 of 1745 GMT, the Dow Jones Industrial Average added 207.06 points, or 0.82 percent. The S&P 500 Index went up 22.54 points, or 0.80 percent, and the Nasdaq Composite Index was up 87.47 points, or 1.14 percent.

Gold usually moves in opposite directions with the U.S. equities. When the stock markets were on the rise, investors may stop buying safe-haven assets, such as gold.

As for other precious metals, silver for July delivery was up 3.5 cents, or 0.24 percent, to settle at 14.812 dollars per ounce. Platinum for July delivery was up 4.2 dollars, or 0.49 percent, to close at 859.1 dollars per ounce. Enditem
Add comments

Latest comments

Latest News
News Most Viewed