Gold down on stronger US dollar

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Chicago, March 19 (IANS) Gold futures on the COMEX division of the New York Mercantile Exchange fell as the US dollar showed strength.

The most active gold contract for April delivery on Friday fell $10.7, or 0.85 percent, to settle at $1,254.30 per ounce, Xinhua news agency reported.

Gold was put under further pressure as US equities were on track for another weekly gain.

Analysts note that when equities post losses, the precious metal usually goes up, as investors are looking for a safe haven, while the opposite is true when US equities post gains.

Silver for May delivery fell 22.2 cents, or 1.38 percent, to close at $15.811 per ounce.

Platinum for April delivery dropped $18.6, or 1.88 percent, to close at $970.50 per ounce.

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