Gold drops sharply as dollar rises

Business

oi-Sneha

By Sneha B K

Updated: Saturday, May 18, 2013, 12:09 [IST]

International gold dropped sharply on Friday as a strong dollar against major currencies weighed on sentiments. Gold fell for the seventh straight session, the longest fall in four years. Spot gold was seen at $1,360 an ounce.

On Friday, gold slipped after a US Federal Reserve official said that the central bank could stop bond buying program soon, dampening the appeal of the yellow metal.

Investors see gold prices continuing to fall. Click to know more.

Gold futures tracking global cues continued its downward trend and fell on the Multi Commodity Exchange.

Gold futures for June delivery was seen trading lower by Rs 49 at Rs 25,835 per 10 grams on the MCX at 12.00 pm IST.

Silver futures for July delivery was at Rs 42,649 lower by Rs 165 per kg. Check out spot gold prices for today in major Indian cities.

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