Gold futures rose for second straight session on declining U.S. equities, weaker greenback

Source: Xinhua| 2019-10-03 04:54:31|Editor: huaxia
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CHICAGO, Oct. 2 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose for second straight session on Wednesday, as the precious metal was boosted by declining U.S. equities and weaker greenback.

The most active gold contract for December delivery was up 18.9 U.S. dollars, or 1.27 percent, to close at 1,507.9 dollars per ounce.

The U.S. dollar index, which measures the buck against six rivals, went down 0.13 percent to 99 as of 1730 GMT.

Gold usually moves in opposite directions with the U.S. dollar, which means if the dollar goes strong, gold futures will fall as gold, priced in U.S. dollar, becomes expensive for investors using other currencies.

As of 1735 GMT, the Dow Jones Industrial Average dropped 494.42 points, or 1.86 percent. The S&P 500 Index went down 52.64 points, or 1.79 percent, and the Nasdaq Composite Index was down 123.44 points, or 1.56 percent.

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.

As for other precious metals, silver for December delivery was up 38.1 cents, or 2.2 percent to close at 17.683 dollars per ounce. Platinum for January delivery was up 8.3 dollars, or 0.94 percent, to settle at 894.4 dollars per ounce. Enditem

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