Gold settles lower as equities move higher

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CHICAGO, Dec. 31 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange edged lower as equities moved higher on the last day of 2018.

The most active gold contract for February 2019 delivery was down 1.70 U.S. dollars, or 0.13 percent, to settle at 1,281.30 dollars per ounce.

The U.S. stocks traded on an upbeat note Monday amid cautious optimism over U.S.-China trade talks. At midday, the Dow Jones Industrial Average jumped 185.72 points, or 0.81 percent, to 23,248.12. The S&P 500 and Nasdaq Composite Index followed Dow's rise.

When equities post gains, the precious metal usually goes down, as investors are not necessarily looking for a safe haven.

However, the fall of gold was limited as the U.S. dollar index, a gauge of the greenback against a basket of other major currencies, fell 0.2 percent to 96.20 as of 1828 GMT.

Gold and the dollar typically move in opposite directions, which means if the dollar goes down, gold futures will get some support as gold, priced in the dollar, becomes less expensive for investors.

Overall, gold ended this year with double-digit losses when compared to the end of 2017, despite significant gains amid volatile stock markets in December.

As for other precious metals, silver for March delivery went up 10.4 cents, or 0.67 percent, to close at 15.54 dollars per ounce. Platinum for April delivery was up 4.20 dollars, or 0.53 percent, to settle at 800.60 dollars per ounce. Enditem

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