Gold continues downturn amid stock market rally

Source: Xinhua| 2017-09-13 03:51:57|Editor: huaxia
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CHICAGO, Sept. 12 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange fell for the second consecutive session on Tuesday, as investors were lured to the thriving stock market.

The most active gold contract for December delivery dropped three dollars, or 0.22 percent, to settle at 1,332.7 dollars per ounce.

The Dow Jones Industrial Average rose 64.68 points, or 0.29 percent, to 22,121.05 as of 1819 GMT, after soaring more than one percent the previous day. When equities post gains, the gold futures usually fall.

The precious metal got additional pressure from the greenback. The U.S. dollar index, a measure of the dollar against a basket of other major currencies, continue to rally on Tuesday, going up 0.05 percent to reach 91.94 as of 1709 GMT.

Gold and the dollar move in opposite directions. When the dollar goes up, gold futures will go down as gold, measured by the dollar, becomes more expensive for investors.

As for other precious metals, silver for December delivery went down 1.2 cents, or 0.07 percent, to close at 17.89 dollars per ounce. Platinum for October fell 12.3 dollars, or 1.23 percent, to settle at 986.5 dollars per ounce. Enditem