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Gold down slightly as U.S. equities gain

Xinhua, May 21, 2016 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange fell on Friday as U.S. equities rebounded slightly.

The most active gold contract for June delivery fell 1.90 U.S. dollars, or 0.15 percent, to settle at 1,252.90 dollars per ounce.

For the week, gold futures declined 1.56 percent, closing at its lowest level since April 27.

The U.S. Dow Jones Industrial Average eked out a slight gain on Friday, adding some pressure on gold.

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 gains.

The precious metal came under further pressure as a report released by the U.S.-based National Association of Realtors showed that existing home sales rose 1.7 percent during April to a 5.45 million annualized rate. Analysts said that this is also an increase of 6.0 percent from April 2015.

Silver for July delivery rose 3.90 cents, or 0.24 percent, to close at 16.532 dollars per ounce. Platinum for July delivery added 10 dollars, or 0.99 percent, to close at 1,023.30 dollars per ounce. Endit