Gold futures fell on stronger U.S. Dollar
Xinhua,February 06, 2018 Adjust font size:
CHICAGO, Feb. 5 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange settled lower Monday, as recent data showing stronger U.S. hiring and wages continued to lift the dollar.
The most active gold contract for April delivery dropped 0.8 U.S. dollar, or 0.06 percent, to close at 1,336.5 dollars per ounce.
The U.S. dollar index, which measures the buck against six rivals, climbed 0.3 percent to 89.47 as of 1830 GMT .
Because most commodities are priced in dollars, strength in the currency can create a headwind for assets like gold, detracting from its appeal among buyers using weaker currencies.
As for other precious metals, silver for March delivery went down 3.8 cents, or 0.23 percent, to settle at 16.671 dollars per ounce. Platinum for April fell 3.9 dollars, or 0.39 percent, to close at 995.5 dollars per ounce. Enditem