ZCZC
BCN-39
US-GOLD-FUTURE-COMEX
Gold futures fall as expectation of Fed rates hike strengthens
CHICAGO, Aug. 29, 2018 (BSS/Xinhua) – Gold futures on the COMEX division
of the New York Mercantile Exchange closed lower on Tuesday, as a jump in
U.S. consumer confidence backs up the Federal Reserve’s plan for further
interest-rate increases.
The most active gold contract for December delivery went down 1.6 U.S.
dollars, or 0.13 percent, to close at 1,214.4 dollars per ounce.
In the latest economic data, a reading on June home prices showed growth
slowing down, but the consumer confidence index jumped to 133.4 in August to
an 18-year high, from a revised 127.9 in July.
However, the greenback exerted pressure on the precious metal. The U.S.
dollar index, which measures the buck against six rivals, fell 0.07 percent
to 94.7128 as of 2000 GMT.
Gold usually moves in opposite directions with the U.S. dollar, which
means if the dollar goes down, gold futures will rise as gold, priced in U.S.
dollar, becomes less expensive for investors using other currencies.
As for other precious metals, silver for September delivery fell 8.5
cents, or 0.57 percent, to settle at 14.774 dollars per ounce. Platinum for
October dropped 8.9 dollars, or 1.11 percent, to close at 795.3 dollars per
ounce.
BSS/XINHUA/HR/1310