Gold retreats as equities recover some losses
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E-mail Xinhua, May 25, 2019
CHICAGO, May 24 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange closed moderately lower as stocks recovered some losses from the previous session.
The most active gold contract for June delivery went down 1.80 dollars, or 0.14 percent, to settle at 1,283.60 dollars per ounce.
The Wall Street stock benchmarks had plunged more than 1 percent on Thursday amid prolonged trade tensions between the United States and China.
On Friday, the Dow Jones Industrial Average recovered some losses. The S&P 500 and Nasdaq also rose.
When equities recover and post gains, the precious metal usually goes down, as investors are lured to the stock market, instead of looking for a safe haven.
The U.S. dollar index, a gauge of the greenback against six major peers, fell 0.31 percent to 97.65 shortly before the gold's settlement. A softened dollar curbed the fall of gold, which became less expensive to investors using other currencies.
As for other precious metals, silver for July delivery was down 5.8 cents, or 0.4 percent to close at 14.555 dollars per ounce. Platinum for July delivery was up 0.34 dollars, or 0.43 percent, to settle at 802.90 dollars per ounce. Enditem
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