CHICAGO, July 11 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange retreated on Thursday over profit taking after interest-rate cut hopes boosted the yellow metal double digits during the previous session.
The most active gold contract for August delivery went down 5.80 U.S. dollars, or 0.41 percent, to settle at 1,406.70 dollars per ounce.
U.S. Federal Reserve Chairman Jerome Powell told a Congress committee on Wednesday that crosscurrents such as trade tensions and concerns about global growth continue to weigh on the U.S. economic activity and outlook.
Powell's remarks were perceived as dovish by many market participants and fueled expectations for interest cuts, which led to the fall of the U.S. dollar index and sent gold futures sharply higher.
However, a "buy the rumor and sell the news" mentality prevailed again on Thursday, said market analysts, as many investors chose to pocketed profits in sell-off.
As for other precious metals, silver for September delivery was down 8 cents, or 0.53 percent to close at 15.146 dollars per ounce. Platinum for October delivery was up 0.90 dollars, or 0.11 percent, to settle at 830.90 dollars per ounce. Enditem
