Gold settles higher as U.S. dollar retreats
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E-mail Xinhua, February 13, 2019
CHICAGO, Feb. 12 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange ended moderately higher on Tuesday, as the U.S. dollar retreated after days of gains.
The most active gold contract for April delivery was up 2.1 U.S. dollars, or 0.16 percent, to settle at 1,314.00 dollars per ounce.
The U.S. dollar index, a gauge of the greenback against a basket of other major currencies, fell 0.40, or 0.42 percent, to 96.67 around noon time, following an eight-session upturn.
Gold and the dollar usually move in opposite directions. If the dollar goes down, gold futures will rise as gold, priced in the dollar, becomes less expensive for investors holding other currencies.
Meanwhile, the Dow Jones Industrial Average, S&P 500 and Nasdaq rallied more than 1 percent after U.S. congressional negotiators reportedly reached a tentative deal on Monday to prevent another potential government shutdown.
The rally of U.S. equities curbed the rise of gold futures, said market watchers.
As for other precious metals, silver for March delivery closed unchanged at 15.69 dollars per ounce. Platinum for April delivery was up 3.00 dollars, or 0.38 percent, to settle at 789.60 dollars per ounce. Enditem
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