Gold struggles amid stronger dollar 19/08/2016 13:48


Gold struggles amid stronger dollar
19/08/2016 13:48
Gold futures fell during noon trade in the domestic market on Friday as investors and speculators exited positions in the precious metal tracking a bearish trend overseas as a stronger dollar curbed the lure for the bullion as an alternative asset.
Stronger greenback makes gold more expensive for those holding other currencies, thus dimming demand.
Renewed fears over a US interest rate hike in the near-term after comments from a top Fed official who backed the case for a rate hike soon weighed on the appeal of the yellow metal as a store of value.
At the MCX, gold futures for October 2016 contract is trading at Rs 31,456 per 10 grams, down by 0.07 per cent, after opening at Rs 31,411, against a previous close of Rs 31,478. It touched the intra-day low of Rs 31,396 (at 13:45 PM).
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