Gold down on U.S. equities strength

0 Comment(s)Print E-mail Xinhua, April 8, 2020
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CHICAGO, April 7 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange fell on Tuesday as strength in U.S. equities lured investors away from the precious metal.

The most active gold contract for June delivery fell 10.2 U.S. dollars, or 0.6 percent, to close at 1,683.7 dollars per ounce.

Gold was put under pressure as the Dow Jones Industrial Average rose by 497.44 points, or 2.19 percent to a 23,177.43 level as of 17:55 GMT. With all the government stimulus programs either pending or enacted, investors are shying away from gold, as analysts believe they do not want to be left out of a bounce in stock prices.

A weak dollar lends some support to gold, as the U.S. Dollar Index fell by 0.71 points, or 0.71 percent to a 99.97 level as of 17:50 GMT.

Investors are waiting for the Federal Open Market Committee minutes release on Wednesday, weekly jobless claims, producer price index, consumer sentiment index, and wholesale inventories on Thursday, along with the consumer price index on Friday. Analysts note the consumer price index is mostly from March and will give investors a look at the economic impacts of the coronavirus on measures other than jobs.

Silver for May delivery rose 31.1 cents, or 2.05 percent, to close at 15.48 dollars per ounce. Platinum for July delivery rose 13 dollars or 1.78 percent, to close at 745 dollars per ounce. Enditem

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