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Gold up on falling U.S. equities, weaker dollar

Xinhua, August 3, 2016 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange rose on Tuesday, as falling U.S. equities and a weaker dollar gave support to the precious metal.

The most active gold contract for December delivery rose 13 U.S. dollars, or 0.96 percent, to settle at 1,372.60 dollars per ounce.

Gold gained as the U.S. dollar index fell 0.75 percent to 95.07 as of 17:30 GMT. Gold is priced in dollar and becomes cheaper to investors holding other currencies if the U.S. currency weakens.

U.S. stocks also ended lower Tuesday, as investors assessed the country's consumption data.

The Dow Jones Industrial Average fell 90.74 points, or 0.49 percent, to 18,313.77. The S&P 500 lost 13.81 points, or 0.64 percent, to 2,157.03. The Nasdaq Composite Index went down 46.46 points, or 0.90 percent, to 5,137.73.

The precious metal usually advances if equity post losses as investors are seeking a safe haven.

Silver for September delivery added 20.1 cents, or 0.98 percent, to close at 20.701 dollars per ounce. Platinum for October delivery rose 8.8 dollars, or 0.76 percent, to close at 1,172.10 dollars per ounce. Endit