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Precious Metals

Gold futures decline as investors turn to robust stock market

Gold futures

Gold futures on the COMEX division of the New York Mercantile Exchange declined on Wednesday as investors turned to robust stock market.

The most active gold contract for June delivery fell 9.9 U.S. dollars, or 0.79 per cent, to settle at 1,248.50 dollars per ounce.

The down-turn of gold following a three-day rise started when the stock market rallied on Wednesday. The Dow Jones Industrial Average rose by 135 points, or 0.65 per cent as of 18:30 GMT. Analysts note that when equities post gains, the precious metal usually goes down.

The precious metal’s retreat was also a response to the better-than-expected employment in the U.S. private sector.

Paul

The author Paul