Gold futures retreat on stronger US dollar

Last Updated: Sat, Aug 31, 2019 13:55 hrs
Gold (Image Courtesy: Bloomberg)

Chicago: Gold futures on the COMEX division of the New York Mercantile Exchange fell for the third straight day as the US dollar kept its bullish momentum.

The most active gold contract for December delivery was down 7.50 US dollars, or 0.49 percent, to close at 1,529.40 dollars per ounce, Xinhua news agency reporters.

The US dollar index, a gauge of the greenback against a basket of other major currencies, was up 0.44 per cent to 98.94 shortly before gold's settlement.

When the dollar strengthens, the dollar-priced gold usually falls as it becomes more expensive for investors holding other currencies.

As for other precious metals, silver for December delivery was up 1.9 cents, or 0.1 per cent to close at 18.342 dollars per ounce. Platinum for October delivery was up 11.70 dollars, or 1.27 per cent, to settle at 931.70 dollars per ounce.

Although gold was down on the last trading day of August, it ended this month with a more than 6-per cent rise.

US-China trade tensions, worries over global growth and uncertainty of Brexit process led to significant monthly gains in gold futures, said analysts.

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