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Gold declines on stronger dollar


Gold declines on stronger dollar
Gold on MCX slid on Friday as the dollar spiked against the basket of currencies. The shares of the Indian companies also fell following a weakening trend in Asian.

Historically, gold and dollar share an inverse relationship with each other and the rise in dollar has weighed on gold.


At the Multi Commodity Exchange (MCX), speculators turned bearish about the yellow metal and drive prices down. Gold for April delivery lost Rs 129 per 10 grams and was at Rs 28,228 at 2.45pm IST.

Domestic, Gold of 99.9 % was at Rs 28,415 and 99.5% at Rs 28,275 per 10 grams. Silver was seen trading at Rs 56,7000 per kgs.

Increase in gold domestically is due to buying by stockists to meet the demand for the ongoing marriage season.

Spot gold increased and was seen trading at Rs 28,083 per 10 grams and silver rose to Rs 56,104 per kgs.

While, silver for March delivery on MCX opened at Rs 57,221 per kg and was trading at of Rs 57,051 per kgs down by Rs 126 or 0.22%.

International gold was seen trading at US $1,722 a troy ounce.

Read more about: gold silver futures mcx
Story first published: Friday, February 10, 2012, 14:58 [IST]
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