Gold futures fall on stronger greenback, rising U.S. equities

0 Comment(s)Print E-mail Xinhua, May 15, 2019
Adjust font size:

CHICAGO, May 14 (Xinhua) --- Gold futures on the COMEX division of the New York Mercantile Exchange closed below 1,300 U.S. dollars per ounce on Tuesday, as the greenback went stronger and U.S. equity benchmarks rebounded from trade-related uncertainty.

The most active gold contract for June delivery went down 5.5 dollars, or 0.42 percent, to settle at 1,296.3 dollars per ounce.

The U.S. dollar index, which measures the buck against six rivals, went up 0.13 percent to 97.50 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 of 1745 GMT, the Dow Jones Industrial Average added 207.06 points, or 0.82 percent. The S&P 500 Index went up 22.54 points, or 0.80 percent, and the Nasdaq Composite Index was up 87.47 points, or 1.14 percent.

Gold usually moves in opposite directions with the U.S. equities. When the stock markets were on the rise, investors may stop buying safe-haven assets, such as gold.

As for other precious metals, silver for July delivery was up 3.5 cents, or 0.24 percent, to settle at 14.812 dollars per ounce. Platinum for July delivery was up 4.2 dollars, or 0.49 percent, to close at 859.1 dollars per ounce. Enditem

Follow on Twitter and Facebook to join the conversation.
ChinaNews App Download
Print E-mail Bookmark and Share

Go to Forum >>0 Comment(s)

No comments.

Add your comments...

  • User Name Required
  • Your Comment
  • Enter the words you see:   
    Racist, abusive and off-topic comments may be removed by the moderator.
Send your storiesGet more from