Markets > Futures

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

2019-04-09 04:35

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CHICAGO, April 8 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose back above 1,300 U.S. dollars per ounce on Monday as the U.S. currency and equities slipped.

The most active June gold was up 6.30 U.S. dollars, or 0.49 percent, to close at 1,301.90 dollars per ounce.

The U.S. dollar index, which measures the greenback against six major peers, was down 0.37 percent to 97.02 as of 1719 GMT, shortly before gold's settlement.

If the dollar retreats, the gold, priced in the dollar, usually rises as it becomes less expensive for investors holding other currencies.

Meanwhile, the Dow Jones Industrial Average slid 0.44 percent to 26,309.65 points as of 1729 GMT.

When the equities post losses, it usually lures investors to gold, a safe haven asset, thus boosts gold futures.

As for other previous metals, silver for May delivery was up 13 cents, or 0.86 percent to settle at 15.216 dollars per ounce. Platinum for July delivery was up 7.50 dollars, or 0.83 percent, to close at 912.90 dollars per ounce. Enditem

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