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Gold Ends below 1,500 USD as U.S. Equities Rally

Gold futures on the COMEX division of the New York Mercantile Exchange closed lower on Monday, with strength in the U.S. stock market pushing the precious metal's settlement below the psychologically important level of 1,500 U.S. dollars an ounce.

Traders also awaited this week's Federal Reserve policy meeting, which could determine trading for a number of assets, including bullion.

The most active gold contract for December delivery was down 9.5 U.S. dollars, or 0.63 percent, to close at 1,495.8 dollars per ounce.

As of 1730 GMT, the Dow Jones Industrial Average added 144.02 points, or 0.53 percent. The S&P 500 Index went up 19.6 points, or 0.65 percent, and the Nasdaq Composite Index was up 90.2 points, or 1.09 percent.

Gold usually moves in opposite directions with the U.S. equities. When the stock markets were on the rise, investors may stop buying safe-haven assets.

As for other precious metals, silver for December delivery was down 0.5 cent, or 0.28 percent to close at 17.876 dollars per ounce. Platinum for January delivery was down 14.3 dollars, or 1.53 percent, to settle at 919 dollars per ounce.

(www.chinaview.cn 2019-10-29)