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Gold Price Unchanged After Dollar Retreats To Lowest Level In Two Weeks


Gold prices in today's trade remain unchanged close to their highest price since July last year as the US dollar suffered losses and retreated to its lowest level in two-weeks after Trump's comments on interest rate hike by the Federal Reserve.

Gold Price Unchanged After Dollar Retreats To Lowest Level In Two Weeks

Spot gold was trading higher by 0.03% at $1,231.87 an ounce at 0417 GMT. In the earlier session, the precious metal increased in price by 0.7%.

US gold futures contract for August delivery was up by 0.1% at $1,232.10 an ounce.

On Friday, the US President Donald Trump criticized Federal Reserve's interest rate tightening measure saying that it takes away the country's' big competitive edge' and may hurt the US economy.

The dollar index that measures the US currency against six major currencies was trading lower by 0.2% at 94.305. The index eased to its lowest since July 11 during the session.

Dollar weakening renders dollar-priced gold cheap for customers who buy it using other currencies.

In the domestic market, 22K gold was trading at Rs. 29,350 per 10 gm down by Rs. 5 from yesterday's price while 24K gold was priced at Rs. 32480 per 10 gm with an increase in price of Rs. 53.

Silver on the other hand was priced at Rs. 41,600 for a kilo, higher by Rs. 200 in comparison to yesterday's price.

Story first published: Monday, July 23, 2018, 15:38 [IST]
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