Gold rises as dollar, equities decline

0 Comment(s)Print E-mail Xinhua, January 4, 2019
Adjust font size:

CHICAGO, Jan. 3 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose for the second consecutive session of new year as equities plunged and the U.S. dollar weakened.

The most active gold contract for February delivery was up 10.70 dollars, or 0.83 percent, to settle at 1294.80 dollars per ounce.

The Dow Jones Industrial Average tumbled more than 2 percent on Thursday, in response to weak U.S. manufacturing data and Apple Inc.'s warning of much lower revenue.

The S&P 500 and Nasdaq Composite Index followed Dow's sharp fall. When equities post losses, the precious metal usually goes up, as investors are looking for a safe haven.

The U.S. dollar index, a gauge of the greenback against a basket of other major currencies, retreated by 0.43 percent to 96.25 around noon time, giving additional support to gold futures, as a weakening dollar will make the bullion less expensive for investors holding other currencies.

Gold futures have found more support in growing expectations of a possible pause in interest rate hikes by the U.S. Federal Reserve, said some analysts.

As for other precious metals, silver for March delivery went up 14.8 cents, or 0.95 percent, to close at 15.797 dollars per ounce. Platinum for April delivery was down 4.7 dollars, or 0.58 percent, to settle at 799.30 dollars per ounce. Enditem

Follow China.org.cn on Twitter and Facebook to join the conversation.
ChinaNews App Download
Print E-mail Bookmark and Share

Go to Forum >>0 Comment(s)

No comments.

Add your comments...

  • User Name Required
  • Your Comment
  • Enter the words you see:   
    Racist, abusive and off-topic comments may be removed by the moderator.
Send your storiesGet more from China.org.cnMobileRSSNewsletter