Markets > Commodities

Gold futures fall amid low demand for safe haven

2019-11-12 05:43

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CHICAGO, Nov. 11 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange weakened further on Monday as safe haven demand waned.

The most active gold contract for December delivery declined 5.80 U.S. dollars, or 0.4 percent, to close at 1,457.10 dollars per ounce.

The Dow Jones Industrial Average recovered moderately, up 0.05 percent, shortly before gold's settlement.

When equities post gains, the precious metal usually goes down, as investors are not necessarily looking for a safe haven.

The U.S. dollar index, a gauge of the greenback against a basket of other major currencies, declined nearly 0.2 percent in late trading.

If the dollar weakens, it makes the dollar-priced less expensive for investors holding other currencies, thus curbing the fall of gold.

Meanwhile, some investors were lured to U.S. bond market, said analysts, as the 10-year Treasury yield rose to 1.945 percent on Monday.
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