Gold futures drop 1.84 pct as U.S. dollar strengthens
0 Comment(s)
Print
E-mail Xinhua, February 21, 2018
Gold futures on the COMEX division of the New York Mercantile Exchange dropped sharply on Tuesday, as the U.S. dollar strengthened and equities stabilized.
The most active gold contract for April delivery went down 25 dollars, or 1.84 percent, to close at 1,331.2 dollars per ounce.
The dollar continued its rebound from three-year low as investors shrugged off worries about the U.S. budget deficit and focused on large U.S. government debt auctions this week.
The U.S. dollar index, which measures the buck against six rivals, went up 0.6 percent to 89.724 as of 1900 GMT.
Because most commodities are priced in dollars, strength in the currency can create a headwind for assets like gold, detracting from its appeal among buyers using weaker currencies.
As for other precious metals, silver for March delivery fell 27.4 cents, or 1.64 percent, to settle at 16.438 dollars per ounce. Platinum for April went down 8.3 dollars, or 0.82 percent, to close at 1004 dollars per ounce.
Go to Forum >>0 Comment(s)