Gold retreats following two-day rally

0 Comment(s)Print E-mail Xinhua, December 6, 2018
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CHICAGO, Dec. 5 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange fell on Wednesday after sharp gains in the past two days.

The most active gold contract for February 2019 delivery was down 4.00 dollars, or 0.32 percent, to settle at 1242.60 dollars per ounce.

The U.S. dollar index, a gauge of the greenback against a basket of six other currencies, declined earlier in the session but recovered to move above 97.00 subsequently.

A firm dollar pressured gold, as the two usually move in opposite directions. When the dollar rises, gold futures will fall as gold, measured in the dollar, becomes expensive for investors holding other currencies.

Gold futures saw some corrective pullback after two consecutive days of gains totaling more than 20 dollars, said market watchers.

As for other precious metals, silver for March 2019 delivery went down 5.8 cents, or 0.4 percent, to close at 14.582 dollars per ounce. Platinum for January delivery was down 2.2 dollars, or 0.27 percent, to settle at 802.00 dollars per ounce. Enditem

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