Gold down on stronger U.S. dollar

Source: Xinhua| 2020-10-17 03:16:05|Editor: huaxia

CHICAGO, Oct. 16 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange fell on Friday as U.S. dollar strengthened.

The most active gold contract for December delivery fell 2.5 U.S. dollars, or 0.13 percent, to close at 1,906.4 dollars per ounce.

Positive economic data also dampened gold. A report released on Friday by the U.S. Department of Commerce showed the retail sales rose 1.9 percent in September, a 1.5-percent increase from the reading of 0.6 percent in August.

A University of Michigan report put its consumer sentiment index at a reading of 81.2 in early October, stronger than the reading of 80.4 in September.

Nevertheless, the Federal Reserve reported on Friday that the industrial output fell 0.6 percent in September, falling for the first time in five months, preventing gold's fall somewhat.

Silver for December delivery rose 18.1 cents, or 0.75 percent, to close at 24.405 dollars per ounce. Platinum for January delivery rose 8 dollars, or 0.93 percent, to close at 869.3 dollars per ounce. Enditem