Gold rises as US dollar retreat | 2019-07-19

Gold rises as US dollar retreat

19 July, 2019 12:00 AM printer

CHICAGO: Gold futures on the COMEX division of the New York Mercantile Exchange settled higher on Wednesday, finding support in a weakening U.S. dollar and falling stocks.

The most active gold contract for August delivery went up 12.10 U.S. dollars, or 0.86 percent, to close at 1,423.30 dollars per ounce.

The U.S. dollar index, a gauge of the greenback against a basket of other major currencies, fell 0.19 percent to 97.21 shortly before gold’s settlement, reports Xinhua.

When the dollar retreats, gold futures usually rise, as gold, priced in the dollar, becomes more attractive to investors holding other currencies.