Gold edges up as U.S. equities retreat

Source: Xinhua| 2019-06-12 04:04:19|Editor: huaxia
Video PlayerClose

CHICAGO, June 11 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange edged up on Tuesday as U.S. equities retreated and the dollar softened.

The most active gold contract for August delivery went up 1.90 U.S. dollars, or 0.14 percent, to settle at 1,331.20 dollars per ounce.

The Wall Street stock benchmarks retreated on Tuesday after a significant rally during the previous session. When equities post losses, the gold futures usually rise due to safe-haven appeal.

Additional support came from a weakened dollar. The U.S. dollar index, a measure of the greenback against a basket of other major currencies, fell 0.07 percent to 96.70 shortly before the gold's settlement.

Gold and the dollar typically move in opposite directions. When the dollar softens, gold futures will rise as gold, priced in the dollar, becomes less expensive for investors holding other currencies.

As for other precious metals, silver for July delivery was up 10.1 cents, or 0.69 percent to close at 14.74 dollars per ounce. Platinum for July delivery was up 9.10 dollar, or 1.13 percent, to settle at 814.30 dollars per ounce. Enditem