Gold Prices Fall As Dollar Gains Momentum

Gold prices fell in trade after the dollar gained ground against a basket of currencies.

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Gold prices lost ground in trade, as the US dollar gained strength against a basket of currencies. Gold in the spot market on Monday was down as the dollar strengthened against the yen, and the US dollar was buoyant following a meeting between the U.S. President Donald Trump and Japanese Prime Minister Shinzo Abe.

Gold Prices Fall As Dollar Gains Momentum
Spot gold in the futures market was seen trading at $1229 an ounce, which was marginally lower over Friday's close.

In India gold for 22 karats was last seen trading at Rs 28,118 per 10 grams and Rs 29,973 per 10 grams for 24 karats. Both gold for 22 karats and 24 karats have been on an uptrend in the last few weeks, even as equities have also rallied in trade.

Until a couple of month ago, gold rates in India were finding it difficult to breach the Rs 27,000 levels. However, they are now well over and above the Rs 28,000 mark. Check gold rates in Indian cities here

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Read more about: gold
Story first published: Monday, February 13, 2017, 14:02 [IST]
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