Gold inches up as equities decline

0 Comment(s)Print E-mail Xinhua, May 23, 2019
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CHICAGO, May 22 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange closed moderately higher on Wednesday as the Wall Street stock benchmarks retreated.

The most active gold contract for June delivery went up 1.00 dollars, or 0.08 percent, to settle at 1274.20 dollars per ounce.

The Wall Street stock benchmarks fell on Wednesday after a rally in the previous session. The Dow Jones Industrial Average went down 102.01 points, or 0.39 percent, to 25,775.32 prior to the settlement of gold.

When equities post losses, the precious metal usually goes up, as investors are looking for a safe haven.

Meanwhile, the U.S. dollar index, a gauge of the greenback against six major peers, was almost unchanged around 98.07.

If the dollar stays firm, gold futures, measured in the dollar, will not be very attractive to investors using other currencies.

As for other precious metals, silver for July delivery was up 3.9 cents, or 0.27 percent to close at 14.449 dollars per ounce. Platinum for July delivery was down 10.10 dollars, or 1.24 percent, to settle at 805.30 dollars per ounce. Enditem

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