Gold extends losses over rising U.S. dollar, equities
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E-mail Xinhua, February 5, 2019
CHICAGO, Feb. 4 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange closed lower for the second consecutive session over rising equities and strengthened dollar.
On Monday, the most active gold contract for April delivery was down 2.80 dollars, or 0.21 percent, to settle at 1,319.30 dollars per ounce.
In January, the U.S. economy added higher-than-expected 304,000 jobs, and economic activity in the manufacturing sector also expanded. The upbeat economic data pushed up equities.
The Dow Jones Industrial Average, S&P 500 and Nasdaq all rose on Monday, as investors preferred riskier assets over safe heaven gold.
Meanwhile, the U.S. dollar index, a gauge of the greenback against a basket of other major currencies, went up 0.26 percent to 95.85 around noon. When the dollar climbs, the gold prices usually fall, as the precious metal becomes more expensive for investors holding other currencies.
As for other precious metals, silver for March delivery went down 4.5 cents, or 0.28 percent, to close at 15.886 dollars per ounce. Platinum for April delivery was down 3.90 dollars, or 0.47 percent, to settle at 822.80 dollars per ounce. Enditem
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