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Gold rises as dollar, equities decline
Last Updated: 2019-01-04 10:10 | Xinhua
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Gold futures on the COMEX division of the New York Mercantile Exchange rose for the second consecutive session of new year as equities plunged and the U.S. dollar weakened.

The most active gold contract for February delivery was up 10.70 dollars, or 0.83 percent, to settle at 1294.80 dollars per ounce.

The Dow Jones Industrial Average tumbled more than 2 percent on Thursday, in response to weak U.S. manufacturing data and Apple Inc.'s warning of much lower revenue.

The S&P 500 and Nasdaq Composite Index followed Dow's sharp fall. When equities post losses, the precious metal usually goes up, as investors are looking for a safe haven.

The U.S. dollar index, a gauge of the greenback against a basket of other major currencies, retreated by 0.43 percent to 96.25 around noon time, giving additional support to gold futures, as a weakening dollar will make the bullion less expensive for investors holding other currencies.

Gold futures have found more support in growing expectations of a possible pause in interest rate hikes by the U.S. Federal Reserve, said some analysts.

As for other precious metals, silver for March delivery went up 14.8 cents, or 0.95 percent, to close at 15.797 dollars per ounce. Platinum for April delivery was down 4.7 dollars, or 0.58 percent, to settle at 799.30 dollars per ounce. Enditem

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