Gold prices are expected to remain weak in the near term on risk aversion and strength of US Dollar against major currencies.
At Comex Gold August Futures have fallen to $1571 an ounce on Thursday trade as Federal Reserve looks unlikely to launch the third round of monetary easing to shore up growth.
The dollar stood close to a two-year high against a basket of major currencies pushing the euro to a two-year low after minutes from a Federal Reserve meeting dashed hopes of policy easing moves anytime soon
Gold touched a high of $1582.80/oz and closed at $1576.29/oz in yesterday’s trading session. On the MCX, Gold August contract however, declined 0.6 percent and closed at Rs.29,265/10 gms after touching a low of Rs 29,225/10 gms on Wednesday. Depreciation in the Indian Rupee cushioned prices from falling further in the domestic market. [ News Source ]
At Comex Gold August Futures have fallen to $1571 an ounce on Thursday trade as Federal Reserve looks unlikely to launch the third round of monetary easing to shore up growth.
The dollar stood close to a two-year high against a basket of major currencies pushing the euro to a two-year low after minutes from a Federal Reserve meeting dashed hopes of policy easing moves anytime soon
Gold touched a high of $1582.80/oz and closed at $1576.29/oz in yesterday’s trading session. On the MCX, Gold August contract however, declined 0.6 percent and closed at Rs.29,265/10 gms after touching a low of Rs 29,225/10 gms on Wednesday. Depreciation in the Indian Rupee cushioned prices from falling further in the domestic market. [ News Source ]
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