Gold Prices Remains Constant Over Firm Dollar Value

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The price of Gold on Thursday, steadied as the dollar held firm near to its 2018 peak on solid U.S. bond yields. Investors have kept an eye open to watch out for further impact from the U.S. President Donald Trump's decision to pull out of the nuclear deal with Iran.

Gold Prices Remains Constant Over Firm Dollar Value

The price of spot gold is up by 0.50% at $ 1,317.80 per ounce at 8:04 AM NYT.

The futures of U.S. Gold for June delivery saw an increase by 0.1 percent at $1,314.10 per ounce.

Stocks in Asian markets finished higher today in the backdrop of U.S. President Donald Trump's decision with respect to Iran's nuclear deal, with shares in Hong Kong leading the region. The Hang Seng is up by 0.89%, whereas Japan's Nikkei 225 is up by 0.39% and China's Shanghai Composite is up by 0.48%.

Agitated European allies sought to save the deal with Iran after Trump ordered sanctions on Iran.

The higher U.S. rates tend to boost the value of the dollar and thereby the bond yields value goes up. This will put pressure on the value of gold in the international market.

Investors globally are expecting a rise in euro zone interest rates further into 2019, in the backdrop of soft economic data and discouraging inflation figures.

The prices of other precious metals witnessed a modest increase. Silver gained 1.09 percent and stood at $16.64 per ounce.

Platinum gained 0.36 percent and stands at $923.55 per ounce, whereas palladium rose by 0.1 percent to $976.30.

Read more about: gold
Story first published: Thursday, May 10, 2018, 18:13 [IST]
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