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Gold futures rise slightly as equities traded lower

Xinhua, May 8, 2017 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange rose slightly on Monday after suffering its largest weekly loss of the year.

The precious metal, seen as a safe haven, fell 3.2 percent last week, its biggest percentage fall since November as polls indicated a landslide for Macron.

The most active gold contract for June delivery rose 0.2 U.S. dollars, or 0.02 percent, to settle at 1,227.10 dollars per ounce.

Although the dollar gained, U.S. stocks traded mostly lower, in line with mild losses for their European counterparts. Analysts note that when equities post losses, the precious metal usually rises.

Data released on Friday showed the unemployment rate dropped to near a 10-year low, which is seen as reinforcing the case for a U.S. interest rate hike next month.

Higher rates dent demand for non-interest bearing gold. At the same time, a stronger dollar makes dollar-priced gold costlier for non-U.S. investors.

Silver for July delivery fell 1.6 cents, or 0.10 percent, to close at 16.258 dollars per ounce. Platinum for July delivery rose 9.4 dollars, or 1.03 percent, to close at 919.6 dollars per ounce. Enditem