Gold edges higher as dollar retreats

0 Comment(s)Print E-mail Xinhua, December 7, 2018
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CHICAGO, Dec. 6 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose slightly on Thursday as the U.S. dollar and equities fell.

The most active gold contract for February 2019 delivery was up 1.00 dollar, or 0.08 percent, to settle at 1243.60 dollars per ounce.

The U.S. dollar index, a gauge of the greenback against a basket of six other currencies, decreased 0.31 percent to 96.69 as of 1817 GMT.

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

The plunge of equities also led to some safe haven demand for gold.

But investors are still looking for more clues on the U.S. Federal Reserve's pace of interest-rate hikes.

As for other precious metals, silver for March 2019 delivery went down 7.3 cents, or 0.5 percent, to close at 14.509 dollars per ounce. Platinum for January delivery was down 12.4 dollars, or 1.55 percent, to settle at 789.60 dollars per ounce. Enditem

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