Gold extends gains as equities plunge

0 Comment(s)Print E-mail Xinhua, December 5, 2018
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CHICAGO, Dec. 4 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange continued to rise on Tuesday amid massive sell-off in the U.S. stock market.

The most active gold contract for February 2019 delivery was up 7.00 dollars, or 0.56 percent, to settle at 1,246.60 dollars per ounce.

The precious metal, viewed as a safe haven asset, was boosted by a sharp fall in equities.

U.S. stocks plunged on Tuesday, with all three major indices erasing more than 3 percent, amid worries over an inverted yield curve signaling a possible economic slowdown.

The Dow decreased 3.10 percent to 25,027.07, the S&P 500 decreased 3.24 percent to 2,700.06, and the Nasdaq fell 3.80 percent to 7,158.43.

When equities post losses, the precious metal usually goes up, as investors are looking for a safe haven.

Meanwhile, the U.S. dollar index, a gauge of the greenback against a basket of six other currencies, stayed almost unchanged at 96.96 as of 1814 GMT. A firm dollar, to some degree, curbed further rise of gold futures.

As for other precious metals, silver for March 2019 delivery went up 14.1 cents, or 0.97 percent, to close at 14.64 dollars per ounce. Platinum for January delivery was down 6.5 dollars, or 0.8 percent, to settle at 804.20 dollars per ounce. Enditem

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