Gold posts minor gain as stocks rally

2017-05-19 21:16:05 GMT2017-05-20 05:16:05(Beijing Time) Xinhua English

CHICAGO, May 19 (Xinhua) -- Gold futures on the COMEX divisionof the New York Mercantile Exchange rose slightly on Friday whileNew York stocks rallied.

The most active gold contract for June delivery rose 80 cents,or 0.06 percent, to settle at 1,253.60 dollars per ounce.

Gold was given support as the U.S. dollar index fell 0.77percent to 97.02 as of 1828 GMT.

The index is a measure of the dollar against a basket of othermajor currencies. Gold and the dollar typically move in oppositedirections, which means if the dollar goes down, gold futures willrise.

The precious metal was prevented from rising further as the U.S.Dow Jones Industrial Average climbed 175.56 points, or 0.85 percentto 20,838.58 as of 1837 GMT. Analysts note that when equities postgains, gold usually goes down.

The two-day rally in Wall Street took place following a deepplunge on Wednesday, when investors feared that political turmoilin Washington would threaten President Donald Trump's ambitiouseconomic growth programs, including tax cuts and regulatoryreform.

As for other precious metals, silver for July delivery rose 12.6cents, or 0.76 percent, to close at 16.796 dollars per ounce.Platinum for July delivery climbed 3.4 dollars, or 0.36 percent, tosettle at 940.2 dollars per ounce. Enditem