CHICAGO, April 23 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange retreated on Tuesday as the U.S. dollar strengthened and equities rallied.
The most active June gold was down 4.40 U.S. dollars, or 0.34 percent, to close at 1,273.20 dollars per ounce.
The U.S. dollar index, which measures the greenback against six major peers, climbed 0.38 percent to 97.66 as of 1720 GMT, shortly before gold's settlement.
Gold and the dollar usually move in opposite directions. When the dollar goes up, gold futures will fall as gold, priced in the dollar, becomes costlier for investors holding other currencies.
Meanwhile, Wall Street stocks rallied on Tuesday. At midday local time, the Dow Jones Industrial Average rose 156.35 points, or 0.59 percent, to 26,667.40. The S&P 500 and the Nasdaq Composite Index also followed Dow's rise.
When equities gain, gold futures often fall, as investors do not necessarily look for a safe haven. Instead, they prefer riskier assets.
As for other previous metals, silver for May delivery was down 18.4 cents, or 1.23 percent to settle at 14.791 dollars per ounce. Platinum for July delivery was down 8.40 dollars, or 0.93 percent, to close at 893.80 dollars per ounce. Enditem
