Gold lower as strong dollar weighs

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Gold lower as strong dollar weighs
Gold futures fell in the domestic market on Friday as investors and speculators exited positions in the precious metal tracking a weak trend in the overseas market as the prospect of a steeper hike in US borrowing costs next year dampened the appeal of the bullion as a store of value.

A stronger dollar curbed the demand for the bullion as an alternative asset. Stronger dollar makes the precious metal expensive to those holding other currencies, thus dimming demand.

Gold futures for October 2014 contract, at MCX, is trading at Rs. 26,626 per 10 grams, down by 0.12 per cent, after opening at Rs. 26,634, against the previous closing price of Rs 26,659. It touched an intra-day low of Rs 26,510. (At 11:20 AM).

Read more about: gold, dollar
Story first published: Friday, September 19, 2014, 12:40 [IST]
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