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1st LD Writethru: Gold down on China rate cut

Xinhua, October 24, 2015 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange fell on Friday as China reduced its reserve requirement ratio in a move to stabilize global markets.

The most active gold contract for December delivery fell 3.3 U.S. dollars, or 0.28 percent, to settle at 1,162.80 dollars per ounce.

Gold was put under pressure on Friday as markets gained confidence after the People's Bank of China, the central bank, cut the reserve requirement ratio of banks, and the benchmark interest rates. Analysts said the cut was necessary and will likely release more liquidity and stabilize market expectations.

The precious metal was put under additional pressure as the U.S. Dollar Index rose on Friday.

Silver for December delivery dropped 1 cent, or 0.06 percent, to close at 15.827 dollars per ounce. Platinum for January delivery fell 11.2 dollars, or 1.11 percent, to close at 1,001.70 dollars per ounce. Endit