Tuesday, 15 October 2019 | 06:46 WIB

Gold Futures Price Dips On Back of Profit Taking

Gold Futures Price Dips On Back of Profit Taking (entertainment)

CHICAGO, NETRALNEWS.COM - Gold futures prices on the COMEX division of the New York Mercantile Exchange edged down at the end of trading Monday (Tuesday 18/6/2019 morning Indonesian western time), as traders turned to profit taking after gold recorded gains for four consecutive sessions.

The most active gold contract for August delivery fell 1.60 dollars, or 0.12 percent, to close at 1,342.90 dollars per ounce.

At 17:45 GMT, the Dow Jones Industrial Average rose 21.65 points or 0.08 percent. The S & P 500 index rose 1.73 points, or 0.06 percent, and the Nasdaq Composite index rose 43.29 points or 0.56 percent.

Gold usually moves in the opposite direction to the US stock market. When the stock market is increasing investors can stop buying safe haven assets like gold.

Meanwhile, the US dollar exchange rate against a basket of other major currencies was also relatively stable ahead of the Federal Reserve meeting on June 18-19, hovering near two-week highs as investors reconsidered how do the Federal Reserve do at this week's policy meeting.

When the US dollar is strong, gold usually falls because gold valued in US dollars becomes more expensive for investors holding other currencies.

The precious metal was also pressured by uncertainty ahead of the US Federal Reserve meeting which is expected to provide clues about the central bank's plans for interest rates.

The other precious metals, silver for July delivery rose 2.6 US cents, or 0.18 percent, to 14.829 dollars per ounce. Platinum for July delivery fell 10.1 dollars, or 1.26 percent, to close at 794.6 dollars per ounce.