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Gold futures edge lower on rising U.S. stocks

2019-10-12 04:57

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CHICAGO, Oct. 11 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange ended lower on Friday, as the rising of U.S. equities dented the appeal of the precious metal.

The most active gold contract for December delivery was down 12.2 U.S. dollars, or 0.81 percent, to close at 1,488.7 dollars per ounce.

As of 1730 GMT, the Dow Jones Industrial Average added 495.52 points, or 1.87 percent. The S&P 500 Index went up 51.33 points, or 1.75 percent, and the Nasdaq Composite Index was up 157.47 points, or 1.98 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.

As for other precious metals, silver for December delivery was down 5.8 cents, or 0.33 percent to close at 17.544 dollars per ounce. Platinum for January delivery was down 7.6 dollars, or 0.84 percent, to settle at 900.3 dollars per ounce.
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