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CHICAGO, March 23 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange fell on Thursday as the U.S. dollar and U.S. equities strengthened.
The most active gold contract for April delivery fell 2.5 U.S. dollars, or 0.20 percent, to settle at 1,247.20 dollars per ounce.
Gold was put under pressure as the U.S. Dow Jones Industrial Average rose by 60 points, or 0.29 percent as of 1803 GMT. When equities post gains, the precious metal usually goes down.
Further pressure came from the U.S. Dollar Index, which rose by 0.05 percent to 99.78 as of 1803 GMT. The index is a measure of the dollar against a basket of major other currencies. If the dollar goes up, gold futures will fall as gold, measured by the dollar, becomes more expensive for investors.
In addition to strength in U.S. equities and the U.S. dollar, a report released on Thursday by the U.S. Census Department showed new home sales increasing to a 592,000 level, a figure which was slightly higher than consensus but still within the expectations range.
Analysts note that this figure was better-than-expected and likely put pressure on the precious metal.
Silver for May delivery added 1.5 cents, or 0.09 percent, to close at 17.593 dollars per ounce. Platinum for April delivery rose 1.9 dollars, or 0.20 percent, to close at 963.80 dollars per ounce. Enditem
