Gold rises as U.S. dollar retreats

0 Comment(s)Print E-mail Xinhua, December 4, 2018
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CHICAGO, Dec. 3 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose more than one percent on Monday as the U.S. dollar retreated.

The most active gold contract for February 2019 delivery was up 13.6 dollars, or 1.11 percent, to settle at 1,239.60 dollars per ounce.

The U.S. dollar index, a gauge of the greenback against a basket of six other currencies, fell 0.14 percent to 96.95 as of 1812 GMT.

The dollar has recently acted as a de facto safe haven asset amid the trade disputes between the world's two largest economies, said analysts. After the leaders of the United States and China agreed last weekend in Argentina to take measures to ease bilateral trade tensions, the U.S. dollar softened.

The dollar also lost its upward momentum in response to relatively dovish signals from the Federal Reserve, concerning further interest rate hikes.

Gold and the dollar usually move in opposite directions. When the dollar falls, gold futures will rise as gold, measured in the dollar, becomes less expensive for investors holding other currencies.

As for other precious metals, silver for March 2019 delivery went up 28.2 cents, or 1.98 percent, to close at 14.499 dollars per ounce. Platinum for January delivery was up 10.9 dollars, or 1.36 percent, to settle at 810.70 dollars per ounce. Enditem

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