Gold Prices Dips Against Strong Dollar

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Gold prices declined on Tuesday and headed for a straight third-day loss in a row with the rise in U.S. borrowing costs strengthened the dollar value amidst tension in Israel-Palestine region.

Gold Prices Dips Against Strong Dollar

On Monday, Israeli forces opened fire on demonstrators in Gaza region, killing dozens and injuring more than 2,400 people who were protesting the opening of the US embassy in Jerusalem on Monday.

Gold investors were fixed on the dollar, which surged against a currency basket. The 10-year U.S. bond yields increased by more than 3 percent in the international market.

The Spot Gold dipped by 0.93 percent ($12.20) and stood at $1,308.40 per ounce.

The prices of gold in India was recorded at Rs 3,070 per gram for 22 karat gold and Rs 3,288 per gram for 24 karat gold.

Asian markets saw a finished mixed as of the most recent closing prices. The Shanghai Composite gained 0.57%, while the Hang Seng led the Nikkei 225 lower, they fell by 1.23% and 0.21% respectively.

The prices of other precious metals also saw a downtrend. Silver was down by 0.98% and stood at $16.39 per ounce.

Platinum was down by 1.05% at $905.95 per ounce.

Palladium has reported an all-time low and was down by 2.65% at $974.95 per ounce.

Read more about: gold price gold
Story first published: Tuesday, May 15, 2018, 17:56 [IST]
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