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Gold Futures Close Lower on Stronger Dollar, Rising U.S. Equities

Gold futures on the COMEX division of the New York Mercantile Exchange ended lower on Friday, as the U.S. dollar regained its strength and U.S. stocks moved up in the wake of a two-day downturn that drove investors to the perceived safety of the precious metal.

The most active gold contract for December delivery fell 5.6 U.S. dollars, or 0.46 percent, to close at 1,222 dollars per ounce.

The U.S. dollar index, which measures the buck against six rivals, went up 0.21 percent to 95.24 as of 1910 GMT.

Gold usually moves in opposite directions with the U.S. dollar, which means if the dollar goes strong, gold futures will fall as gold, priced in U.S. dollar, becomes expensive for investors using other currencies.

As for other precious metals, silver for December delivery went up 2.9 cents, or 0.2 percent, to settle at 14.635 dollars per ounce. Platinum for 2019 January fell 6.6 dollars, or 0.78 percent, to close at 840 dollars per ounce.

(www.chinaview.cn 2018-10-15)