Gold settles higher as dollar, equities retreat

CHICAGO, May 22 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose on Tuesday as the U.S. dollar pulled back from multi-month highs.

The most active gold contract for June delivery edged up 1.10 dollars, or 0.09 percent, to settle at 1,292.00 dollars per ounce.

The U.S. dollar index, a gauge of the greenback against a basket of other major currencies, fell 0.06 percent to 93.525 as of 1757 GMT.

Gold and the dollar usually move in opposite directions. When the dollar goes down, gold futures will rise as gold, measured by the dollar, becomes less expensive for investors using other currencies.

Additional support came from the stock market as U.S. Dow Jones Industrial Average retreated by 57.88 points, or 0.23 percent to 24,955.41 points as of 1808 GMT.

When equities post losses, gold prices usually go up, as investors are lured to the safe-haven asset.

As for other precious metals, silver for July delivery went up 5.5 cents, or 0.33 percent, to settle at 16.575 dollars per ounce. Platinum for July was up 9 dollars, or 1.00 percent, to close at 908.80 dollars per ounce. Enditem