ZCZC
BCN-23
US-GOLD-FUTURE-COMEX
Gold falls as equities rebound
CHICAGO, Dec. 5, 2019 (BSS/Xinhua) – Gold futures on the COMEX division
of the New York Mercantile Exchange retreated on Wednesday as U.S. equities
recovered from a sharp fall in the previous day.
The most active gold contract for February delivery fell 4.20 U.S.
dollars, or 0.28 percent, to settle at 1,480.20 dollars per ounce.
Gold futures had gained more than 1 percent on Tuesday, following a
significant fall of equities due to trade disputes between the United States
and its major trading partners.
On Wednesday, the Dow Jones Industrial Average recouped nearly 200
points, and the S&P 500, Nasdaq Composite Index followed Dow’s recovery.
When equities post gains, gold usually loses its safe haven appeal.
Meanwhile, the yield on the benchmark 10-year U.S. Treasury note
rebounded to around 1.77 percent, putting more pressure on gold.
However, a weakened U.S. dollars limited the fall of gold. The U.S.
dollar index, a gauge of the greenback against a basket of other major
currencies, fell 0.08 percent to 97.66 before gold’s settlement.
As for other precious metals, silver for March delivery was down 33.2
cents, or 1.92 percent, to close at 16.916 dollars per ounce. Platinum for
January delivery fell 9.8 dollars, or 1.08 percent, to settle at 901.80
dollars per ounce.
BSS/XINHUA/HR/1500