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Gold Rises amid Stock Market Jitters

Gold futures on the COMEX division of the New York Mercantile Exchange settled higher on Friday as equities plunged again and U.S. dollar eased.

The most active gold contract for December delivery went up 3.40 dollars, or 0.28 percent, to close at 1235.80 dollars per ounce.

The stock markets endured a volatile week. The Dow Jones Industrial Average lost 203.20 points, or 0.81 percent as of 1730 GMT, following a significant rally in the previous session. The S&P 500 and Nasdaq also posted sharp losses on Friday.

The fall of equities supported gold, as investors flocked to the safe-haven asset.

Additional support came from a softening dollar. The U.S. dollar index, a gauge of the greenback against a basket of other major currencies, fell 0.16 percent to 96.44 as of 1720 GMT.

Gold and the dollar usually move in opposite directions. When the dollar goes down, gold futures usually rise as gold, priced in the dollar, becomes less expensive for investors using other currencies.

As for other precious metals, silver for December delivery went up 7 cents, or 0.48 percent, to close at 14.70 dollars per ounce. Platinum for January 2019 delivery was up 2.5 dollars, or 0.3 percent, to settle at 834.40 dollars per ounce.

(www.chinaview.cn 2018-10-29)