Gold futures close lower on technical selling
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E-mail Xinhua, May 2, 2019
CHICAGO, May 1 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange closed lower on Wednesday, as traders turned to technical selling after gains in the previous session.
The most active gold contract for June delivery went down 1.5 dollars, or 0.12 percent, to settle at 1,284.2 U.S. dollars per ounce.
However, gold's decline was limited by the weakness of greenback. The U.S. dollar index, which measures the buck against six rivals, went down 0.22 percent to 97.31 as of 1730 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 July delivery was down 25.5 cents, or 1.7 percent, to settle at 14.729 dollars per ounce. Platinum for July delivery was down 14.3 dollars, or 1.6 percent, to close at 877.4 dollars per ounce. Enditem
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