Gold futures close lower on technical selling
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E-mail Xinhua, October 19, 2019
CHICAGO, Oct. 18 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange closed lower on Friday, as the precious metal was pressured by investors' technical selling after gains in the previous two sessions.
The most active gold contract for December delivery went down 4.2 U.S. dollars, or 0.28 percent, to close at 1,494.1 dollars per ounce.
However, the bullion's decline was limited by a weaker greenback. The U.S. dollar index, which measures the buck against six rivals, went down 0.3 percent to 97.31 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 for other precious metals, silver for December delivery declined 3.4 cents, or 0.19 percent to close at 17.578 dollars per ounce. Platinum for January delivery rose 2.9 dollars, or 0.32 percent, to settle at 895.9 dollars per ounce. Enditem
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