Gold Marginally Higher As Dollar Weakens

Business

oi-Sunil Fernandes

By Sunil Fernandes

Published: Wednesday, September 14, 2016, 14:09 [IST]

Gold prices were marginally higher, as the dollar weakened in trade, on expectations that the US Fed would not hike interest rates in September.

Spot gold was marginally higher at $1,320.20 an ounce, even after the drop seen in the previous session.

On the MCX, gold for Oct delivery was trading at Rs 32,350. In the spot market too gold was trading at a similar levels.

The precious metal is expected to remain steady in the next few days, ahead of next week's US Fed policy. It is widely believed that the US Fed would hold interest rates steady at its policy meet.

Should interest rates in the US rise, it could have damaging consequences for gold, which could fall.

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