CHICAGO, Nov. 14 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange gained for the second day in a row as the U.S. dollar weakened and stock benchmarks retreated.

The most active gold contract for December delivery was up 10.10 dollars, or 0.69 percent, to close at 1,473.40 dollars per ounce on Thursday.

U.S. stocks traded lower on Thursday. Shortly before gold's settlement, the Dow Jones Industrial Average decreased 35.40 points, or 0.13 percent, to 27,748.19 points. The S&P 500 and Nasdaq Composite Index followed Dow's fall.

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 a basket of other major currencies, was down 0.21 percent to about 98.17 on Thursday. When the dollar weakens, it makes the dollar-priced less expensive for investors holding other currencies.

Another support came from the U.S. government debt. The yield on the benchmark 10-year Treasury note was lower at around 1.824 percent as investors flocked to other safe assets, such as gold. Enditem

Related

Go to Forum >>0 Comment(s)