Gold falls by 0.53% on strong dollar

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Gold prices fell by 0.53 per cent on Thursday at the domestic markets as stronger dollar reduced the appeal of the bullion as an alternative asset. Stronger dollar makes the precious metal expensive for those holding other currencies, thus reducing demand. Sentiment weakened further as upbeat data released in the U.S and better-than-expected earnings enticed investors out of gold and into equities. Gold futures for August 2014 contract, at MCX, were trading at Rs. 27,734 per 10 grams, down by 0.53 per cent, after opening at Rs. 27,850, against the previous closing price of Rs 27,882. It touched an intra-day high of Rs 27,850 till the trading. (At 11.43 AM today).

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Story first published: Thursday, July 24, 2014, 12:50 [IST]
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