Gold extends losses as US stocks, dollar rally

GMT 04:35 2015 Saturday ,02 May

Arab Today, arab today Gold extends losses as US stocks, dollar rally

New York Mercantile Exchange
Chicago - XINHUA

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.


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