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Gold up nearly 1 percent on weaker U.S. dollar and equities

Xinhua, May 12, 2016 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange rose on Wednesday on a weaker U.S. dollar and weaker U.S. equities.

The most active gold contract for June delivery rose 10.70 U.S. dollars, or 0.85 percent, to settle at 1,275.50 dollars per ounce.

There were no major economic news releases on Wednesday and traders were focused primarily on the U.S. dollar and equities markets. The precious metal was given support as the U.S. Dollar Index rose on Wednesday, according to analysts.

Gold was given additional support as the U.S. Dow Jones Industrial Average reversed its gains from Tuesday. Analysts noted that when equities post losses, the precious metal usually goes up, as investors are looking for a safe haven, while the opposite is true when U.S. equities post gains.

Silver for July delivery rose 22.70 cents, or 1.33 percent, to close at 17.319 dollars per ounce. Platinum for July delivery added 16.8 dollars, or 1.60 percent, to close at 1,066.10 dollars per ounce. Endit