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Gold Futures Fall as U.S. Dollar Ticks up

Gold futures on the COMEX division of the New York Mercantile Exchange fell on Wednesday, as the U.S. dollar went strong and U.S. Federal Reserve raised short-term interest rates by a quarter of a percentage point.

The most active gold contract for December delivery was down 6 U.S. dollars, or 0.5 percent, to close at 1,199.1 dollars per ounce.

The U.S. dollar index, which measures the greenback against six rivals, went up 0.08 percent to 94.15 as of 1730 GMT.

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

As for other precious metals, silver for December delivery went down 9.2 cents, or 0.63 percent, to settle at 14.401 dollars per ounce. Platinum for January 2019 rose 2.9 dollars, or 0.35 percent, to close at 829.1 dollars per ounce.

(www.chinaview.cn 2018-09-27)