Wednesday, 24 October 2018 | 04:01 WIB

Gold Prices Decline Again


CHICAGO, NNC - Gold futures on the COMEX division of the New York Mercantile Exchange fell at the end of trading Thursday (Friday morning GMT) as the US dollar strengthened and shares in New York mostly rose.

The most active gold contract for December delivery fell 1.1 US dollars, or 0.22 percent, to close at 1,221.00 US dollars per ounce.

The Nasdaq Composite Index rose 17.38 points or 0.22 percent to 7,905.71 points at 7:45 pm GMT. The S&P 500 index also follows Nasdaq's rise.

When equities post profits, the precious metal usually falls, because investors do not always seek safe haven assets such as precious metals.

The US dollar index, which measures the greenback against six other major currencies, gained 0.47 percent to 95.55 at 8:00 GMT.

Gold usually moves in the opposite direction with the US dollar, which means if the US dollar strengthens then gold futures will fall, because gold is priced in US dollars would be more expensive for investors who use other currencies.

The decline in gold was also triggered by profit taking by investors after two consecutive days of posting gains, supported by a weaker US dollar amid US-China trade tensions.

As for other precious metals, silver for September delivery rose three US cents, or 0.19 percent, to settle at 15,462 US dollars per ounce. Platinum for October delivery rose 4.6 US dollars, or 0.55 percent, to close at 834.1 US dollars per ounce