Gold down on equities rally

Chicago, Jan 23 : Gold futures on the COMEX division of the New York Mercantile Exchange fell as US equities rallied for the second day in a row.

The most active gold contract for February delivery on Friday dropped $1.9, or 0.17 percent, to settle at 1,096.3 dollars per ounce, Xinhua news agency reported.

Gold was put under pressure as the US Dow Jones Industrial Average rose.

Gold was also dampened as the US Dollar Index also rose.

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.

Silver for March delivery fell 3.7 cents, or 0.26 percent, to close at $14.057 per ounce.

Platinum for April delivery added $12.1, or 1.48 percent, to close at $831.6.


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