Gold Down Despite Weakness in US Dollar

Posted By: Religare
Subscribe to GoodReturns
For Quick Alerts
For Daily Alerts

    Gold futures closed lower in the international market on Monday despite the dollar heading for its fifth-straight monthly decline.

    Gold Down Despite Weakness in US Dollar

    The dollar maintained losses, sending it lower after the Commerce Department reported second-quarter gross domestic expanded at 2.6% annual pace in the second quarter, a pickup from a revised 1.2% pace in the first quarter but weaker than forecast.

    Gold and the U.S. currency unit typically move inversely as a cheaper dollar is beneficial to gold investors using another currency. But both markets are impacted by interest-rate policy as higher rates support the dollar, but also dull the appeal of nonyielding gold in favor of interest-bearing assets.

    Read more about: gold
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    Get Latest News alerts from Goodreturns

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more