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Gold down on stronger US dollar | Canindia News

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Gold down on stronger US dollar

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CanIndia New Wire Service 0 comments

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Chicago, Feb 27 (IANS) Gold futures on the COMEX division of the New York Mercantile Exchange fell as a stronger US dollar put pressure on the precious metal.

The most active gold contract for April delivery lost $18.4, or 1.49 percent, to settle at $1,220.40 per ounce on Friday, Xinhua news agency reported.

A stronger US dollar drove traders away from gold’s safe haven properties, as the US Dollar Index rose on Friday.

The index is a measure of the dollar against a basket of major currencies.

Gold and the dollar typically move in opposite directions, which means if the dollar goes up, gold futures will fall as gold, measured by the dollar, becomes more expensive for investors.

Gold was put under further pressure as the US Department of Commerce on Friday released the gross domestic product report for the fourth quarter last year, which showed the headline GDP measure increasing by the better than expected 1 percent.

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