Arab Today, arab today gold ends at nearly 3week low
Last Updated : GMT 07:42:21
Arab Today, arab today
Arab Today, arab today

Gold ends at nearly 3-week low

Arab Today, arab today

Arab Today, arab today Gold ends at nearly 3-week low

Chicago - XINHUA

Gold futures on the COMEX division of the New York Mercantile Exchange saw the fourth losing session in a row on Tuesday, as the U.S. dollar turned stronger and a rally in U.S. equities drew investors away from the precious metal. The most active gold contract for June delivery fell 9.8 dollars, or 0.68 percent, to settle at 1,424.5 dollars per ounce, the lowest level in nearly three weeks. Strong physical demand from Asia, however, remains a key support, according to market analysts. Strength in the dollar on Tuesday kept pressuring the gold market. Gold and other dollar-denominated commodities tend to fall when the greenback strengthens, making them more expensive for holders of other currencies. The dollar index stood at 83.547 late Tuesday, up from late Monday\'s 83.276. Meanwhile, the U.S. equities rallied as Wall Street adapted to the view of an improving economy. Analysts believe that as long as the U.S. Federal Reserve is pumping money into the system, the equity market should continue to do well. Silver for July delivery also shed 31.7 cents, or 1.34 percent, to close at 23.379 dollars per ounce.

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