Gold futures fall on stronger U.S. dollar

Source: Xinhua| 2018-10-30 03:35:50|Editor: Mu Xuequan
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CHICAGO, Oct. 29 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange ended lower on Monday, as strength in the U.S. dollar dulled demand for the precious metal.

The most active gold contract for December delivery went down 8.2 dollars, or 0.66 percent, to close at 1,227.6 dollars per ounce.

The U.S. dollar index, which measures the buck against six rivals, went up 0.15 percent to 96.57 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 dropped 25.8 cents, or 1.76 percent, to settle at 14.442 dollars per ounce. Platinum for 2019 January rose 2.5 dollars, or 0.3 percent, to close at 836.9 dollars per ounce.

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