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Gold Plunges On Weak Global Cues, Strong Dollar

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International gold dropped 1 per cent on Friday, while heading for the third weekly decline. Strength in dollar weighed on the gold sentiment. International spot gold stood at $1,188 an ounce.

 

On Friday, gold prices fell to its 9 months low on the strong dollar. The dollar on Friday rose against a basket of currencies. Historically, gold and dollar share an inverse relationship with each other and the spike in dollar weighed on gold.

Gold Plunges On Weak Global Cues, Strong Dollar

Tracking overseas trend, gold in India also witnessed low trend. At the Multi Commodity Exchange, gold for delivery in December was trading sharply lower by Rs 343 or 1.19 percent to Rs 28,403 per ten grams.

"Analysts attributed the fall in gold futures to cutting down of bets by participants, triggered by a weak trend overseas where gold prices sank to nine-month lows after the dollar climbed to multi-year highs on speculation of a possible Fed rate hike in the near-term, eroding demand for the precious metals as a safe haven", reports PTI.

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Read more about: gold gold rates mcx
Story first published: Friday, November 25, 2016, 12:55 [IST]
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