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Gold Futures Decline as Risk Appetite Rises

Gold futures on the COMEX division of the New York Mercantile Exchange settled lower on Friday, as gains in bonds and other assets perceived as risky lured investors away from the haven metal.

The most active gold contract for December delivery was down 8.8 U.S. dollars, or 0.58 percent, to close at 1,506.4 dollars per ounce.

U.S. Treasury yields rose as of 1630 GMT, with the yields on the 10-year Treasury note up 7 basis points at 1.705 percent. Rising bond yields can dull the luster of gold, which offers no yield.

However, the decline of gold futures was limited by a weaker greenback. The U.S. dollar index, which measures the buck against six rivals, went down 0.05 percent to 99.08 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 down 26 cents, or 1.45 percent to close at 17.652 dollars per ounce. Platinum for January delivery was down 6.6 dollars, or 0.7 percent, to settle at 936.1 dollars per ounce.

(www.chinaview.cn 2019-09-30)