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Gold Futures Close At Over 6-Month Low On Stronger Greenback, Rising U.S. Equities
 

Gold futures on the COMEX division of the New York Mercantile Exchange ended at more than 6-month low on Tuesday, as gains in the U.S. stock market and a stronger U.S. dollar exerted pressure on the precious metal.

The most active gold contract for August delivery went down 9 dollars, or 0.71 percent, to close at 1,259.9 dollars per ounce.

The Dow Jones Industrial Average rose 113 points, or 0.5 percent, to 24,363 as of 1845 GMT, and the Nasdaq Composite Index , added 58 points to 7,590, a move of 0.8 percent.

The U.S. dollar index, which measures the buck against six rivals, went up 0.5 percent to 94.714 as of 1830 GMT

Gold usually moves in opposite directions with the dollar and equities, which means if the dollar and stocks go up, gold futures will fall as gold, priced in U.S. dollar, becomes more expensive for investors using other currencies and stock markets will lure inflow of investments.

As for other precious metals, silver for July delivery fell 7.8 cents, or 0.48 percent, to settle at 16.25 dollars per ounce. Platinum for July added 2.5 dollars, or 0.29 percent, to close at 871.83 dollars per ounce.


(www.chinaview.cn 2018-06-27)
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