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Gold drops as equities gain

English.news.cn   2014-04-10 05:48:28

CHICAGO, April 9 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange dropped on Wednesday as U.S. equity markets surged and drew investors away from gold.

The most active gold contract for June delivery dropped 3.2 U.S. dollars, or 0.24 percent, to settle at 1,305.9 dollars per ounce.

But gold prices climbed in electronic trading shortly after the release of minutes of the Federal Reserve's March meeting, which shows a general consensus to keep rates low even after the first rate hike. Low interest rate usually benefits gold.

Market analysts attribute the recent price gain in gold to speculative investors, rather than physical demand from China. They believed that gold can not retain its upward trend in the near future unless dollar tumbles further or the tension in Ukraine escalates.

Silver for May delivery lost 28.7 cents, or 1.43 percent, to close at 19.77 dollars per ounce. Platinum for July delivery dipped 2.8 dollars, or 0.19 percent, to close at 1,438.9 dollars per ounce.

Editor: Mu Xuequan
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