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Gold Closes Slightly Higher amid Sharp Rally in Equities

Gold futures on the COMEX division of the New York Mercantile Exchange settled slightly higher on Tuesday as equities posted sharp gains.

The most active gold contract for December delivery went up 0.7 dollar, or 0.06 percent, to close at 1,231.00 dollars per ounce.

Geopolitical tension surrounding the disappearance of Jamal Khashoggi, a Saudi journalist, in Saudi Arabia's consulate in Istanbul, had pushed up the price of gold, usually viewed as a safe-haven asset.

After Saudi authorities agreed to cooperate for a thorough investigation and let Turkish police enter their consulate building, the tension eased to some degree, at least for the time being.

The Dow Jones Industrial Average rallied more than 500 points, or about 2 percent on Tuesday. Analysts noted that when equities rise sharply, investors will be lured to the stock markets from gold.

As for other precious metals, silver for December delivery went down 2.6 cents, or 0.18 percent, to close at 14.701 dollars per ounce. Platinum for January 2019 delivery was up 0.4 dollar, or 0.05 percent, to settle at 846.70 dollars per ounce.

(www.chinaview.cn 2018-10-17)