Gold futures edge higher on falling U.S. equities, safe-haven demand

0 Comment(s)Print E-mail Xinhua, January 12, 2019
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CHICAGO, Jan. 11 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange edged slightly higher Friday, as the precious metal's haven status attracted investment interest and benchmark U.S. stock indices extended loss before gold market closed.

The most active gold contract for February delivery went up 2.10 dollars, or 0.16 percent, to settle at 1,289.50 dollars per ounce.

The Dow Jones Industrial Average fell 68.54 points, or 0.29 percent as of 1845 GMT. The S&P 500 and Nasdaq also followed Dow's decline. When equities post losses, investors may start to buy safe-haven assets, such as gold.

However, the greenback exerted pressure for gold. The U.S. dollar index, which measures the buck against six rivals, went up 0.05 percent to 95.59 as of 1830 GMT.

Gold usually moves in opposite directions with the U.S. dollar, which means if the dollar goes strong, gold futures will fall as gold, priced in U.S. dollar, becomes expensive for investors using other currencies.

As for other precious metals, silver for March delivery was up 1.30 cents, or 0.08 percent, to settle at 15.656 dollars per ounce. Platinum for April delivery drooped 8.10 dollar, or 0.98 percent, to close at 818 dollars per ounce. Enditem

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