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Gold down on China interest rate cut
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Gold futures went down on the COMEX division of the New York Mercantile Exchange Tuesday as China cut its banks' reserve requirement ratio (RRR) and lowered key interest rates, which helped to stabilize world equities.
The most active gold contract for December delivery fell 15.3 US dollars, or 1.33 percent, to settle at 1,138.30 dollars per ounce.
Gold was put under pressure as US and world equities rose Tuesday after the People's Bank of China cut interest rates by 0.25 points to 4.6 percent. This move stabilized US and world equities, giving investors the confidence to move away from gold as a safe haven.
The precious metal was put under additional pressure as the US Department of Commerce released a report showing new home sales increasing by 5.4 percent to an annual pace of 507,000 units, which was better than expected.
Gold was also put under pressure as the US Dollar Index rose by 1.2 percent to 94.54 as of 1830 GMT. The index is a measure of the dollar against a basket of major currencies. Gold and the dollar typically move in opposite directions, which means if the dollar goes up, gold futures will fall as gold, measured by the dollar, becomes more expensive for investors holding other currencies.
Silver for September delivery fell 15.2 cents, or 1.03 percent, to close at 14.61 dollars per ounce. Platinum for October delivery dropped 14.8 dollars, or 1.49 percent, to close at 976.70 dollars per ounce.
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