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1st LD Writethru: Gold down on strong U.S. equities, dollar

Xinhua, February 11, 2015 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange fell Tuesday as U.S. equities and the dollar strengthened.

The most active gold contract for April delivery fell 9.3 U.S. dollars, or 0.75 percent, to settle at 1,232.20 dollars per ounce.

Gold was put under pressure as the Dollar Spot Index rose by 0. 25 percent to 94.6890. 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.

Gold was put under additional pressure as a report from the U.S. Department of Labor which released its Job Openings and Labor Turnover (JOLTS) report, showing 5.028 million job openings on the last business day of December. This was better than expected and likely gave a boost to the dollar and put pressure on gold.

The precious metal's fall was capped by uncertainty in the Eurozone, where concerns over stability in Greece and over the situation in Ukraine still remain.

Silver for March delivery dropped 19.7 cents, or 1.15 percent, to close at 16.873 dollars per ounce. Platinum for April delivery fell 13.1 dollars, or 1.07 percent, to close at 1,207.30 dollars per ounce. Endite