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Gold Price Improves Slightly Amidst Strong Dollar


The prices of precious metal - Gold witnessed a slight increase on Friday as the dollar value gained meagerly. Investors do not see any kind of heightened conflict in the Middle East region which directly has an effect on the price of U.S. Dollars in the international market.

Gold Price Improves Slightly Amidst Strong Dollar

Spot gold was up by 0.32 percent at $1,325.06 per ounce as of 8:10 NYT.

The U.S. gold futures for June delivery were up by 0.28 percent at $1,325.40 per ounce.

Israel attacked dozens of Iranian targets in Syria yesterday, in what the military said was the most voluminous strike in the neighboring country in decades. The strike was carried out in response to a barrage of 20 rockets that were fired from Syria at Israeli military outposts.

Gold is considered as a safe way of investment in times of geo-political tension or conflicts.

Investors believe that the present tension in the Middle-East will not influence the value of gold in the international market.

However, the dollar index edged slightly to a higher position on Friday.

A strong U.S. Dollar makes gold more pricey for holders of other currencies.

The Bank of England said the UK economy has hit a temporary soft patch and hence it has kept its interest rates on hold at 0.5%. The Bank said that cut is almost entirely due to the disruption to the economy caused by bad weather in March.

The Asian markets finished with mixed results as Nikkei 225 gained 1.16% and the Hang Seng rose by 1.02% and the Shanghai Composite lost by 0.35% on Friday.

Among the prices of other precious metals, Silver rose by 0.42% to $16.82 per ounce.

Platinum witnessed a slight rise of 0.01% to $931.70 per ounce and palladium witnessed 0.31% increase and stood at $1,006.40 per ounce.

Read more about: gold price rate
Story first published: Friday, May 11, 2018, 18:19 [IST]
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