ZCZC
BCN-13
US-GOLD-PRICE-COMEX
Gold edges higher as rebounding equities curb its rise
CHICAGO, Dec. 27, 2018 (BSS/Xinhua) – Gold futures on the COMEX division of
the New York Mercantile Exchange ended much higher on Wednesday, after the
U.S. stock markets reported huge losses in the previous session on Christmas
Eve.
The most active gold contract for February delivery rose 1.20 U.S. dollars,
or 0.09 percent, to settle at 1,273 dollars per ounce.
However, the rise of gold was limited as the stock markets roared back on
Wednesday, with Dow Jones Industrial Average closing up over 1,000 points.
The S&P 500 and Nasdaq also posted sharp gains.
When equities post gains, investors may stop buying safe-haven assets, such
as gold.
Additional pressure came from the dollar. The U.S. dollar index, which
measures the buck against six rivals, went up 0.32 percent to 97.41 as of
1830 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 for other precious metals, silver for March delivery added 30.30 cents,
or 2.04 percent, to settle at 15.123 dollars per ounce. Platinum for January
delivery was up 10.70 dollars, or 1.36 percent, to close at 800.10 dollars
per ounce.
BSS/XINHUA/HR/1010