Markets > Futures

Gold rises as U.S. dollar, equities retreat

2019-07-18 04:30

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CHICAGO, July 17 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange settled higher on Wednesday, finding support in a weakening U.S. dollar and falling stocks.

The most active gold contract for August delivery went up 12.10 U.S. dollars, or 0.86 percent, to close at 1,423.30 dollars per ounce.

The U.S. dollar index, a gauge of the greenback against a basket of other major currencies, fell 0.19 percent to 97.21 shortly before gold's settlement.

When the dollar retreats, gold futures usually rise, as gold, priced in the dollar, becomes more attractive to investors holding other currencies.

Meanwhile, the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite Index all declined on Wednesday, lifting safe-haven appetite among investors.

As for other precious metals, silver for September delivery was up 29.3 cents, or 1.87 percent to close at 15.971 dollars per ounce. Platinum for October delivery was up 0.20 dollars, or 0.02 percent, to settle at 847.10 dollars per ounce. Enditem

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