CHICAGO, July 18 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange posted further gains on Tuesday as the U.S. dollar index continued its downturn.
The most active gold contract for August delivery rose 8.2 U.S. dollars, or 0.66 percent, to settle at 1,241.90 dollars per ounce.
The U.S. dollar Index went down 0.53 percent to reach 94.64 as of 1724 GMT, sinking to a 10-month low against a basket of other major currencies.
Analyst contributed the weakening dollar to the U.S. senate's failure to overhaul the Affordable Care Act, known as Obamacare.
This has amplified doubts about President Donald Trump's ability to get passage of a set of long-expected legislations, including tax cuts that may boost the U.S. dollar.
Meanwhile, the Dow Jones Industrial Average dropped 83.25 points, or 0.38 percent, to 21,546.47 as of 1734 GMT. Analysts note that when equities post losses, the gold futures usually go up, as investors are looking for a safe haven.
As for other precious metals, silver for September delivery rose 16.9 cents, or 1.05 percent, to close at 16.268 dollars per ounce. Platinum for October delivery was flat at 930.30 dollars per ounce.
