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Gold futures fall as U.S. dollar, equities rise

2018-08-10 09:02

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Gold futures on the COMEX division of the New York Mercantile Exchange closed lower on Thursday, as the U.S. dollar strengthened, New York stocks mostly rose.

The most active gold contract for December delivery went down 1.1 dollars, or 0.22 percent, to close at 1,221 dollars per ounce.

The benchmark Nasdaq Composite Index gained 17.38 points, or 0.22 percent to 7,905.71 as of 1945 GMT. The S&P 500 also followed Nasdaq's rise.

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, which measures the buck against six rivals, went up 0.47 percent to 95.505 as of 2000 GMT.

Gold usually moves in opposite directions with the U.S. dollar, which means if the dollar goes up, gold futures will fall as gold, priced in U.S. dollar, becomes expensive for investors using other currencies.

As for other precious metals, silver for September delivery went up 3 cents, or 0.19 percent, to settle at 15.462 dollars per ounce. Platinum for October rose 4.6 dollars, or 0.55 percent, to close at 834.1 dollars per ounce.
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