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Gold futures post losses for 5 consecutive sessions

2019-02-12 08:59

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Gold futures on the COMEX division of the New York Mercantile Exchange suffered a fifth consecutive loss on Thursday, with overall strength in the U.S. dollar prompting the metal to post its longest streak of declines in 18 months.

The most active gold contract for April delivery went down 25 U.S. cents, or 0.02 percent, to settle at 1,314.20 dollars per ounce.

The U.S. dollar rose on Thursday as upbeat data pointed to positive economic outlook.

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 for other precious metals, silver for March delivery was up 1.2 cents, or 0.08 percent, to settle at 15.713 dollars per ounce. Platinum for April delivery dropped 16.50 dollars, or 2.03 percent, to close at 797.30 dollars per ounce.
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