Gold futures retreat as dollar, equities rebound

Source: Xinhua| 2019-08-14 05:06:15|Editor: yan
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CHICAGO, Aug. 13 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange settled lower on Tuesday as the U.S. dollar strengthened and equities rebounded.

The most active gold contract for December delivery went down 3.1 U.S. dollars, or 0.2 percent, to close at 1,514.10 dollars per ounce.

The Dow Jones Industrial Average, S&P 500 and Nasdaq fell sharply on Monday due to concerns over prolonged trade tensions between the United States and China, and downbeat outlook of global growth.

All the benchmark indexes rebounded on Tuesday amid signs of easing tensions on China-U.S. trade talks.

When equities gain, the appeal for safe haven assets, such as gold, will decrease.

Meanwhile, the U.S. dollar index, a gauge of the greenback against a basket of other major currencies, rose 0.37 percent to 97.74 ahead of the gold's settlement.

If the dollar goes up, it will pressure the gold, which becomes more expensive for investors holding other currencies.

As for other precious metals, silver for September delivery was down 8.6 cents, or 0.5 percent to close at 16.985 dollars per ounce. Platinum for October delivery declined 4 dollars, or 0.46 percent, to settle at 859.70 dollars per ounce.