Yellow metal loses sheen on dollar strengthening
22/08/2016 11:03
Gold futures were trading lower during the late morning trade in the domestic market on Monday as investors and speculators cut down their positions in the precious metal after strength in US dollar on expectations of US rate hike. Further, the fall in prices for gold was in-line with a weak trend overseas as the dollar rebounded amid fresh worries over a near-term US rate hike as Federal Reserve Bank of San Francisco President John Williams stressed that the world’s biggest economy is strong enough to warrant a rise in interest rates soon, warning against waiting too long which could spur high inflation or asset bubbles that may curb growth. At the MCX, gold futures for October 2016 contract is trading at Rs 31,219 per 10 grams, down by 0.59 per cent, after opening at Rs 31,325, against a previous close of Rs 31,404. It touched the intra-day low of Rs 31,212 (at 10:58 hours).
22/08/2016 11:03
