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Gold futures rise on safe haven buying, weaker greenback

2019-10-24 04:20

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CHICAGO, Oct. 23 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange closed higher on Wednesday for the first time in four sessions, as the precious metal was boosted by investors' safe haven buying and slightly weaker greenback.

The most active gold contract for December delivery was up 8.2 U.S. dollars, or 0.55 percent, to close at 1,495.7 dollars per ounce.

The U.S. dollar index, which measures the buck against six rivals, went down 0.02 percent to 97.51 as of 1730 GMT.

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 December delivery was up 0.8 cent, or 0.46 percent to close at 17.58 dollars per ounce. Platinum for January delivery was up 26.4 dollars, or 2.95 percent, to settle at 922.4 dollars per ounce.
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