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Gold futures retreat on stronger greenback, less safe-haven buying

CHICAGO
2019-12-13 05:31

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CHICAGO, Dec. 12 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange settled lower on Thursday, as expectations of progress in U.S.-China trade talks dulled demand for the haven metal.

The most active gold contract for February delivery was down 2.7 U.S. dollars, or 0.18 percent, to close at 1,472.3 dollars per ounce.

The precious metal was also pressured by a stronger greenback. The U.S. dollar index, which measures the buck against six rivals, went up 0.05 percent to 97.46 as of 1830 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, March silver went up 10 cents, or 0.59 percent, to close at 16.949 dollars per ounce. The January platinum added 5.3 dollars, or 0.56 percent, to settle at 944.8 dollars per ounce.
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