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Gold retreats as U.S. equities rise

2019-11-28 05:21

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CHICAGO, Nov. 27 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange settled lower on Wednesday as U.S. stock benchmarks strengthened.

The most active gold contract for February delivery fell 6.60 dollars, or 0.45 percent to close at 1,460.80 dollars per ounce.

The Dow Jones Industrial Average, S&P 500 and Nasdaq Composite Index all inched up on Wednesday, supported by better-than-expected economic data.

The U.S. gross domestic product (GDP) grew at an annual rate of 2.1 percent in the third quarter this year, higher than the previous estimate of 1.9 percent, according to the U.S. Commerce Department.

When equities post gains, the appetite for safe-haven assets, such as gold, will be dented.

As for other precious metals, silver for March delivery was down 13.3 cents, or 0.77 percent, to close at 17.055 dollars per ounce. Platinum for January delivery fell 16.30 dollars, or 1.79 percent, to settle at 895.40 dollars per ounce.
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