Markets > Commodities

Gold futures close lower on rising U.S. equities, stronger greenback

2019-11-05 06:46

Already collect

CHICAGO, Nov. 4 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange settled lower on Monday, as the rising U.S. equities and stronger greenback have dented demand for gold.

The most active gold contract for December delivery was down 0.3 U.S. dollar, or 0.02 percent, to close at 1,511.1 dollars per ounce.

The U.S. dollar index, which measures the buck against six rivals, went up 0.24 percent to 97.47 as of 1830 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 1735 GMT, the Dow Jones Industrial Average added 114.75 points, or 0.42 percent. The S&P 500 Index went up 11.36 points, or 0.37 percent, and the Nasdaq Composite Index rose 46.8 points, or 0.56 percent.

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

As for other precious metals, silver for December delivery was up 1.4 cents, or 0.08 percent, to close at 18.066 dollars per ounce; platinum for January delivery was down 15.3 dollars, or 1.6 percent, to settle at 938.7 dollars per ounce.
Add comments

Latest comments

Latest News
News Most Viewed