
Gold futures on the COMEX division of the New York Mercantile Exchange fell for a third straight session on Friday as U.S. equities and the dollar bounced back, putting pressure on the precious metal.
The most active gold contract for June delivery fell 7.9 U.S. dollars, or 0.67 percent, to settle at 1,174.50 dollars per ounce.
Renewed strength in dollar hurt the bullion's appeal as a stronger greenback makes dollar-denominated gold more expensive for investors hold.On Wednesday, the U.S. dollar index, a measure of the dollar against a basket of major currencies, increased 0.5 percent to 95.28 in midday trading.
Gold was given a slight amount of support as an industry report released Friday showed that the pace of U.S. manufacturing growth hit its lowest level in more than two years.
The U.S.-based Institute for Supply Management said its index of national factory activity was 51.5 in April, unchanged from the March reading. Meanwhile, the employment reading dropped to 48.3, the lowest level since September 2009.
Gold are typically safe-haven assets that investors turn to as economy showed signs of weakness.
Volume was thin as many European and Asian markets were closed for May Day holiday.
Silver for July delivery fell 1.8 cents, or 0.11 percent, to close at 16.135 dollars per ounce. Platinum for July delivery lost 10.7 dollars, or 0.94 percent, to close at 1,129.70 dollars per ounce.
GMT 19:47 2018 Saturday ,06 January
Global stocks extend rally; London hits record peakGMT 19:22 2018 Wednesday ,03 January
Worldwide stocks start year on a highGMT 10:37 2018 Wednesday ,03 January
Asian markets build on gains, dollar faces further weaknessGMT 17:30 2017 Sunday ,31 December
London stocks end year on record highGMT 18:04 2017 Thursday ,28 December
Miners boost stocks in thin holiday tradingGMT 18:51 2017 Monday ,25 December
Oman’s share index falls on lack of buying supportGMT 08:49 2017 Sunday ,24 December
'Virtual gold' may glitter, but mining it can be really dirtyGMT 17:45 2017 Saturday ,23 December
Madrid stocks sink on Catalan woes; London hits record
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor