Gold falls after previous profit-taking

Source: Xinhua| 2017-11-25 04:00:56|Editor: yan
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CHICAGO, Nov. 24 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange closed modestly lower on Friday mostly due to profit-taking following the Thanksgiving holiday.

The most active gold contract for December delivery went down 4.9 dollars, or 0.38 percent, to settle at 1,287.30 dollars per ounce.

During the two sessions before Thursday's Thanksgiving, the yellow metal had posted significant gains. Investors on Friday locked in profits and pushed down the prices, said analysts.

Additional pressure came from the firm stock markets, as the Dow Jones Industrial Average rose 0.14 percent to 23,557.99 points as of 1820 GMT. When the equities post gains, the precious metal usually falls.

However, the U.S. dollar extended its slump after the Federal Reserve signaled a cautious approach to more interest-rate hikes next year. The U.S. Dollar Index went down 0.36 percent 92.78 as of 1827 GMT, curbing the fall of gold futures.

As for other precious metals, silver for December delivery dropped 12 cents, or 0.7 percent, to close at 16.992 dollars per ounce. Platinum for January delivery rose 4.6 dollars, or 0.49 percent, to settle at 945.30 dollars per ounce.