Gold drops to lowest level of year as U.S. equities rise

Source: Xinhua| 2019-04-17 03:50:56|Editor: Liu
Video PlayerClose

CHICAGO, April 16 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange on Tuesday finished at lowest level year to date, as equity benchmarks in the U.S. rise to record high.

The most active gold contract for June delivery went down 14.10 dollars, or 1.09 percent, to settle at 1277.20 dollars per ounce.

As of 1740 GMT, the Dow Jones Industrial Average added 77.94 points, or 0.31 percent. The S&P 500 Index went up 3.8 points, or 0.13 percent, and the Nasdaq Composite Index was up 34.22 points, or 0.43 percent, which were all near all-time closing highs.

Gold usually moves in opposite directions with the U.S. equities. When the stock markets were on the rise, investors may stop buying safe-haven assets, such as gold.

As for other precious metals, silver for May delivery was down 6 cents, or 0.48 percent, to settle at 14.915 dollars per ounce. Platinum for July delivery was down 10.3 dollars, or 1.15 percent, to close at 884.20 dollars per ounce.