Gold Gains Ground On Weaker Dollar

Business

oi-Sunil Fernandes

By Sunil Fernandes

Published: Monday, October 10, 2016, 12:05 [IST]

Gold gained ground after dropping in the last week, as the dollar weakened against a basket of currencies.

In the international markets gold also moved higher, after weaker than expected US jobs data, raised hopes that the US Federal Reserve would not hike interest rates any time soon.

Gold in the international markets rose after falling in eight straight sessions. In fact, in the international markets gold had last week on Friday, touched a low of $1240 an ounce. It was last seen trading at $1264, thus showing some recovery in trade. Check gold rates in Indian cities here

In Mumbai, gold for 24 karats delivery was trading at Rs 31,411, while gold for 22 karats delivery it was trading at Rs 29,370.

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