Metals Stocks: Gold gains as dollar and stocks are in the red

Gold prices tipped higher Thursday as a leading dollar index slumped and stock futures pointed to a pullback after the Dow Jones Industrial Average’s best performance on Wednesday in eight months.

Gold for December delivery GCZ8, +0.17% rose $3.40, or 0.3%, to $1,227 an ounce. Gold for February delivery GCG9, +0.16% which has higher open-interest volume, added $3.20, or 0.3%, to $1,233 an ounce.

The ICE U.S. Dollar Index DXY, -0.08% fell by 0.1% to 96.77. A weaker dollar typically raises investment demand for dollar-priced commodities, including gold, and vice versa.

U.S. stock index futures pointed to a lower start for major benchmarks on Thursday, one day after Federal Reserve Chairman Powell’s dovishly interpreted speech sparked a market rally, the likes of which have not been seen since March, and as investors turn their focus to other macro headwinds, like a rising dollar, slumping oil prices and slowing global growth.

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