Markets > Futures

Gold futures edge lower on stronger greenback, rising equities

Xinhua Financein CHICAGO
2019-01-09 08:43

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Gold futures on the COMEX division of the New York Mercantile Exchange edged slightly lower on Tuesday, as the precious metal was kept under pressure by a stronger U.S. dollar as well as gains in the benchmark U.S. stock indices.

The most active gold contract for February delivery went down 4 dollars, or 0.31 percent, to settle at 1,285.90 dollars per ounce.

The U.S. dollar index, which measures the buck against six rivals, went up 0.19 percent to 95.88 as of 1815 GMT.

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

Meanwhile, the Dow Jones Industrial Average added 164.68 points, or 0.70 percent as of 1810 GMT. The S&P 500 and Nasdaq also followed Dow's rise. When equities post gains, investors may stop buying safe-haven assets, such as gold.

As for other precious metals, silver for March delivery was down 4.30 cents, or 0.27 percent, to settle at 15.713 dollars per ounce. Platinum for April delivery fell 2.50 dollars, or 0.30 percent, to close at 821.80 dollars per ounce. 

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