Gold futures fall on stronger U.S. dollar, rising equities

Source: Xinhua| 2018-10-31 04:17:04|Editor: Mu Xuequan
Video PlayerClose

CHICAGO, Oct. 30 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange fell slightly on Tuesday, as the precious metal was kept under pressure by a stronger dollar as well as gains in the benchmark U.S. stock indices.

The most active gold contract for December delivery went down 2.3 U.S. dollars, or 0.19 percent, to close at 1,225.3 dollars per ounce.

The U.S. dollar index, which measures the buck against six rivals, went up 0.32 percent to 97.501 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.

Meanwhile, the Dow Jones Industrial Average added 253.2 points, or 1.04 percent as of 1730 GMT. The S&P 500 and Nasdaq also followed Dow's rise. When equities post gains, investors may stop buying safe-haven assets, such as gold.

As for other precious metals, silver for December delivery was up 2 cents, or 0.14 percent, to settle at 14.462 dollars per ounce. Platinum for 2019 January rose 2.1 dollars, or 0.25 percent, to close at 839 dollars per ounce.