Gold futures rise as equities, dollar retreat

0 Comment(s)Print E-mail Xinhua, August 21, 2019
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CHICAGO, Aug. 20 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange recovered some losses on Tuesday as benchmark stock indexes retreated and the dollar softened.

The most active gold contract for December delivery went up 4.1 U.S. dollars, or 0.27 percent, to close at 1,515.70 dollars per ounce.

Gold fell double digits on Monday, when the Dow Jones Industrial Average, S&P 500 and Nasdaq rose sharply, along with most stock indexes around the world.

When the Wall Street benchmark indexes retreated on Tuesday, gold recovered some losses as investors were once again lured to safe haven assets, including gold.

The U.S. dollar index, a measure of the greenback against a basket of other major currencies, went down 0.18 percent to 98.17 ahead of gold's settlement.

When the dollar index falls, gold futures usually rise as the dollar-priced gold becomes less expensive for investors holding other currencies.

Additional support was from the U.S. bonds, when the benchmark 10-Year Treasury yield slid to around 1.55 percent.

As for other precious metals, silver for September delivery was up 20.8 cents, or 1.23 percent to close at 17.184 dollars per ounce. Platinum for October delivery was down 4 dollars, or 0.47 percent, to settle at 852.80 dollars per ounce. Enditem

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