Gold futures rise amid risk-off sentiment

0 Comment(s)Print E-mail Xinhua, February 14, 2020
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CHICAGO, Feb. 13 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange settled higher on Thursday as equities retreated amid rising safe-haven sentiment.

The most active gold contract for April delivery gained 7.2 dollars, or 0.46 percent, to close at 1,578.8 dollars per ounce.

U.S. stock benchmarks lost steam on Thursday, with the Dow Jones Industrial Average giving up part of gains from the previous session. The S&P 500 and Nasdaq Composite Index also fell into negative territory.

When equities fall, gold usually rises as investors need to find a safe haven.

The U.S. dollar index, a measure of the dollar against a basket of some other major currencies, remained firm at around 99.

If the dollar stays strong, gold futures will feel the pressure as gold, priced in the dollar, becomes more expensive and thus less attractive to investors holding other currencies.

Gold got additional support from U.S. government bonds as the 10-year treasury note yield fell to around 1.61 percent on Thursday.

As for other precious metals, March silver rose 12.2 cents, or 0.7 percent, to close at 17.619 dollars per ounce. April platinum went up 7.4 dollars, or 0.77 percent, to settle at 974.7 dollars per ounce. Enditem

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