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Gold down on sharp rise in U.S. equities

Xinhua, February 4, 2015 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange fell Tuesday as U.S. equities gained on traders' renewed appetite for risk.

The most active gold contract for April delivery lost 16.6 U.S. dollars, or 1.30 percent, to settle at 1,260.30 dollars per ounce.

Gold went down as U.S. and European equities rose in the wake of investors' increased appetite for risk after Greek finance minister Yanis Varoufakis told investors in London that he would retract demands for investors and creditors to write off many of Greece's bailout loans.

This caused the euro and other currencies to rise against the dollar, leading the Dollar Spot Index to fall by 0.98 percent to 93.5780. The index is a measure of the dollar against a basket of major currencies. Gold and the dollar typically move in opposite directions, which means if the dollar goes up, gold futures will fall as gold, measured by the dollar, becomes more expensive for investors. However in this case analysts said that gold was put under pressure by investors' increased appetite for risk, which lured them away from gold and the U.S. dollar, and toward equities instead.

Silver for March delivery increased 7 cents, or 0.41 percent, to close at 17.321 dollars per ounce. Platinum for April delivery gained 6.6 dollars, or 0.54 percent, to close at 1,235.20 dollars per ounce. Endite