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Gold down as investors turn to stock market

Xinhua, April 5, 2017 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange declined on Wednesday as investors turned to robust stock market.

The most active gold contract for June delivery fell 9.9 U.S. dollars, or 0.79 percent, to settle at 1,248.50 dollars per ounce.

The down-turn of gold following a three-day rise started when the stock market rallied on Wednesday. The Dow Jones Industrial Average rose by 135 points, or 0.65 percent as of 18:30 GMT. Analysts note that when equities post gains, the precious metal usually goes down.

The precious metal's retreat was also a response to the better-than-expected employment in the U.S. private sector.

According to a report released on Wednesday by Automatic Data Processing Inc., the private sector added 263,000 jobs in March, outpacing economists' forecasts of 170,000. The development signals a booming private-sector economy.

Meanwhile, the U.S. Dollar Index rose in the morning session. The index is a measure of the dollar against a basket of other major currencies. When the dollar goes up, gold futures will fall.

As for other precious metals, silver for May delivery dropped 13.6 cents, or 0.74 percent, to close at 18.187 dollars per ounce. Platinum for July delivery went down 4.9 dollars, or 0.51 percent, to close at 959.60 dollars per ounce. Endite