Strong US Data, Dollar Weighs on Gold Sentiment

Business

oi-Sneha

By Sneha B K

Published: Thursday, December 4, 2014, 15:18 [IST]

Gold Futures was seen trading lower on the Multi Commodity Exchange tracking weak global cues. International gold eased after gaining one per cent in the previous session and was seen trading at $1, 204 an ounce.

Strong US data signaling improvement is US economy raised bets that the US Federal Reserve will raise interest rates next year. Further, strengthening in dollar also weighed on the sentiment. As strong dollar makes yellow metal more expensive for those holding other currencies, thus dimming demand for the bullion.

At 3.05 PM IST, on the Multi Commodity Exchange, Gold Futures for December delivery was seen trading lower by Rs 202 at Rs 26,275 per 10 grams.

While, silver futures for immediate delivery was seen trading marginally higher by Rs 35 at Rs 36,320 per kg.

GoodReturns.in