Home > News Updates > Financial News > Precious Metal
Gold futures fall on stronger U.S. dollar, rising equities--Nov 26

Gold futures on the COMEX division of the New York Mercantile Exchange edged slightly lower on Monday, as the precious metal was kept under pressure by a stronger U.S. dollar as well as gains in the benchmark U.S. stock indices.

The most active gold contract for December delivery went down 80 U.S. cents, or 0.07 percent, to close at 1,222.4 dollars per ounce.

The U.S. dollar index, which measures the buck against six rivals, went up 0.11 percent to 97.04 as of 1710 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.

Meanwhile, the Dow Jones Industrial Average added 339.6 points, or 1.4 percent as of 1955 GMT. The S&P 500 and Nasdaq also followed Dow's rise. When equities post gains, investors may stop buying safe-haven assets, such as gold.

As for other precious metals, silver for December delivery was down 3.8 cents, or 0.27 percent, to settle at 14.205 dollars per ounce. Platinum for 2019 January rose 2.8 dollars, or 0.33 percent, to close at 847.8 dollars per ounce.

(www.chinaview.cn 2018-11-27)