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Gold down on stronger U.S. dollar

Xinhua, May 4, 2016 Adjust font size:

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

The most active gold contract for June delivery shed 4 U.S. dollars, or 0.31 percent, to settle at 1,291.80 dollars per ounce.

Gold was put under pressure as the U.S. Dollar Index rose against most major currencies on Tuesday, according to analysts.

Analysts also said that some funds began their profit taking Tuesday morning after gold advanced for six successive trading days, exerting additional pressure on gold futures.

Traders are waiting for the release of the Automated Data Processing employment report and the international trade report, both due on Wednesday. The weekly jobless claims report is due on Thursday, and the big monthly jobs report is due on Friday.

On Tuesday, silver for July delivery declined 18.30 cents, or 1.03 percent, to close at 17.499 dollars per ounce. Platinum for July delivery lost 14.80 dollars, or 1.36 percent, to close at 1,071.60 dollars per ounce. Endit