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Gold futures settle higher for third straight session

Published : Thursday, 19 September, 2019 at 6:20 PM  Count : 150

Gold futures settle higher for third straight session

Gold futures settle higher for third straight session

Gold futures on the COMEX division of the New York Mercantile Exchange notched third straight gain on Wednesday, before the Federal Reserve announced the second interest-rate cut this year.

The most active gold contract for December delivery was up 2.4 U.S.  dollars, or 0.16 percent, to close at 1,515.8 dollars per ounce.

Gold futures had already settled when the Federal Open Market Committee announced a widely anticipated quarter percentage point cut to the fed funds interest rate to 1.75 percent to 2 percent. Shortly after the Fed decision, gold futures edged down in electronic trading.

The precious metal’s rise was curbed by a stronger greenback. The U.S.  dollar index, which measures the buck against six rivals, went up 0.26 percent to 98.52 as of 1730 GMT.

Gold usually moves in opposite directions 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 was down 22.1 cents, or 1.22 percent to close at 17.919 dollars per ounce. Platinum for October delivery was down 9.6 dollars, or 1.02 percent, to settle at 934.6 dollars per ounce. Gold price opens lower in Hong Kong The gold price in Hong Kong went down 105 Hong Kong dollars to open at 13,920 dollars (about 1,777.78 U.S. dollars) per tael on Thursday, according to the Chinese Gold and Silver Exchange Society. (1 U.S. dollar equals to 7.83 HK dollars).


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