Gold futures fall as world stock markets rally
Xinhua,November 30, 2017 Adjust font size:
CHICAGO, Nov. 29 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange fell on Wednesday, as global stocks hovered near record highs making the safe-haven asset less attractive.
The most active gold contract for December delivery dropped 12.8 dollar, or 0.99 percent, to settle at 1282.1 dollars per ounce.
World stock markets were again mostly higher Wednesday. Record highs have been scored this week in U.S. stock indexes. The rallying world stock markets are a bearish element for the competing asset class of precious metals.
On the data front, the U.S. economy's pace of growth in the third quarter was raised to 3.3 percent from three percent, the fastest spurt of U.S. growth in three years. October pending home sales jumped by 3.5 percent in October, but it was down 0.6 percent from a year ago.
As for other precious metals, silver for December delivery dropped 36.5 cents, or 2.17 percent, to close at 16.457 dollars per ounce. Platinum for January delivery went down 11.6 dollars, or 1.22 percent, to settle at 941.2 dollars per ounce. Enditem