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1st LD Writethru: Gold down on gains of U.S. equities

Xinhua, March 10, 2016 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange fell slightly Wednesday on modest U.S. equities gains.

The most active gold contract for April delivery lost 5.5 U.S. dollars, or 0.44 percent, to settle at 1,257.40 dollars per ounce.

The precious metal came under pressure as the U.S. stocks settled higher, dulling the investment appeal for gold. The U.S. stocks ended higher Wednesday after wavering in a tight range, as investor sentiment was buoyed by a solid rebound in oil prices.

Gold was prevented from falling further as the U.S. Dollar Index, a measure of the dollar against a basket of major currencies, fell on Wednesday. Gold and the dollar typically move in opposite directions.

With no other economic data due out this week, traders awaited the U.S. Federal Reserve's meeting next week for further hints on its rate policies. Analysts believed that a delay in the U.S. Federal Reserve's rate hike remains inevitable due to economic instability.

Silver for May delivery lost 2.4 cents, or 0.16 percent, to close at 15.366 dollars per ounce. Platinum for April delivery declined 6.6 dollars, or 0.67 percent, to close at 982.80 dollars per ounce. Enditem