Gold futures edge lower on stronger US dollar | 2018-09-23 |

Gold futures edge lower on stronger US dollar

    23 September, 2018 12:00 AM printer

CHICAGO: Gold futures on the COMEX division of the New York Mercantile Exchange ended at one week low on Friday as the U.S. dollar strengthened.

The most active gold contract for December delivery was down 10 U.S. dollars, or 0.83 percent, to close at 1,201.3 dollars per ounce.

The U.S. dollar index, which measures the greenback against six rivals, went up 0.36 percent to 94.24 as of 1905 GMT, reports Xinhua.

Gold usually moves in the opposite direction with the U.S. dollar, which means if the dollar goes strong, gold futures will fall as gold, priced in U.S. dollar, becomes expensive for investors using other currencies.

As for other precious metals, silver for December delivery added 5.4 cents, or 0.38 percent, to settle at 14.359 dollars per ounce. Platinum for October went down 4.6 dollars, or 0.55 percent, to close at 829.6 dollars per ounce.