Gold falls amid surge of U.S. stocks

Source: Xinhua| 2019-01-05 05:30:46|Editor: huaxia
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CHICAGO, Jan. 4 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange retreated on Friday as U.S. stocks surged after a strong jobs report.

The most active gold contract for February delivery was down 9.00 U.S. dollars, or 0.7 percent, to settle at 1285.80 dollars per ounce.

The Dow Jones Industrial Average rallied more than 3 percent on Friday, in response to a better-than-expected jobs report released by the U.S. Department of Labor.

According to latest official data, total non-farm payroll employment increased by 312,000 in December 2018, much higher than expectations.

The S&P 500 and Nasdaq Composite Index also recorded sharp increases following the robust hiring report.

When equities post significant gains, the precious metal usually goes down, as investors are not necessarily looking for a safe haven.

As for other precious metals, silver for March delivery went down 1.1 cents, or 0.07 percent, to close at 15.786 dollars per ounce. Platinum for April delivery was up 27.9 dollars, or 3.49 percent, to settle at 827.20 dollars per ounce. Enditem