Gold edges higher amid safe haven appeal
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E-mail Xinhua, May 11, 2019
CHICAGO, May 10 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange settled higher on Friday as trade tensions supported safe haven appeal.
The most active gold contract for June delivery went up 2.2 dollar, or 0.17 percent, to close at 1287.40 dollars per ounce.
Before the settlement of gold, the Dow Jones Industrial Average fell 0.24 percent to 25,767.35 points amid trade frictions between the United States and China.
When equities post losses, the precious metal usually goes up, as investors are looking for a safe haven, such as gold.
The Wall Street stock benchmarks managed to reverse the downtrend and recovered losses in the ensuing electronic trading of gold.
The U.S. dollar index, a gauge of the greenback against six major peers, fell 0.11 percent to 97.31 prior to gold's settlement, giving the previous metal additional support.
As for other precious metals, silver for July delivery was up 1.7 cents, or 0.12 percent to settle at 14.79 dollars per ounce. Platinum for July delivery was up 14.20 dollars, or 1.67 percent, to close at 865.60 dollars per ounce. Enditem
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