Gold falls by 0.05% on strong dollar

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Gold prices fell by 0.05 per cent on Friday at the domestic markets as a 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. Gold futures for December 2014 contract, at MCX, were trading at Rs. 27,436 per 10 grams, down by 0.05 per cent after opening at Rs. 27,425 against the previous closing price of Rs. 27,449. It touched the intra-day low of Rs. 27,390 till the trading. (At 12.11 PM today).

However, losses were curbed amid speculation that the US Federal Reserve may delay tightening monetary policy amidst a slowdown in the world economy that threatens US economic growth, bolstering the appeal of the bullion as a store of value.

Story first published: Friday, October 17, 2014, 23:00 [IST]
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