CHICAGO, March18 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange fell on Wednesday as investors sold the precious metal to raise cash.
The most active gold contract for April delivery fell 47.9 U.S. dollars, or 3.14 percent, to close at 1477.9 dollars per ounce.
Even though most analysts believe the pressure on gold was due to profit-taking and cash-raising by institutions for equities trades, some analysts caution that the drop in the price of gold could be a deflationary signal, indicating the beginnings of a possible recession. U.S. policymakers have been indicating the possibility of the U.S. entering another recession over the coronavirus.
Gold was also under further pressure as the U.S. Dollar Index rose by 1.87 percent to a 101.44 level as of 18:05 GMT.
Fall of the precious metal was shelved somewhat as the U.S. Dow Jones Industrial Average fell by 2,150.41 points, or 10.13 percent to a 19,086.97 level as of 18:15 GMT.
Silver for May delivery fell 72.3 cents, or 5.79 percent, to close at 11.772 dollars per ounce. Platinum for April delivery fell 60.3 dollars or 9.06 percent, to close at 605 dollars per ounce. Enditem
