Gold settles almost unchanged

0 Comment(s)Print E-mail Xinhua, November 21, 2019
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CHICAGO, Nov. 20 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange settled only one dime lower but fell further after the release of minutes from the Federal Reserve's October meeting.

The most active gold contract for December delivery was down 0.10 dollar, or just 0.007 percent, to close at 1,474.20 dollars per ounce.

All the U.S. stock benchmarks slipped into negative territory on Wednesday, with the Dow Jones Industrial Average losing more than 200 points shortly before the gold's settlement.

However, falling equities failed to support gold, as investors were awaiting the minutes from the Federal Reserve's October policy meeting and the U.S. dollar remained firm.

The U.S. dollar index, a gauge of the greenback against a basket of other major currencies, was up 0.06 percent to 97.91.

When the dollar stays firm, dollar-priced gold can hardly lure investors holding other currencies.

Gold prices turned lower after settlement, as the latest Fed meeting minutes showed that Fed officials were more upbeat about the U.S. economic outlook than before, and apparently ruled out sharp interest cuts.

"All participants judged that negative interest rates currently did not appear to be an attractive monetary policy tool in the United States," said the minutes.

As for other precious metals, silver for December delivery was down 0.3 cent, or 0.02 percent, to close at 17.115 dollars per ounce. Platinum for January delivery was up 7.70 dollars, or 0.84 percent, to settle at 920.00 dollars per ounce. Enditem

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