Gold Price Softens As Dollar Firms Ahead Of Key Central Banks Policy Decision

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    The price of gold declined in Monday's trading session as dollar stood firm against most other currencies just ahead of payroll data and central bank meetings. The greenback was trading with gains versus several other Asian currencies as markets awaited central bank meetings outcome this week which will set the course for currency movement for the near-term.

    Gold Price Softens As Dollar Firms; 22K Gold Down By Rs. 250
     

    US dollar was also trading at a 13-months high vs yuan currency of China.
    Spot gold was down in price by 0.3% at $1,219.91 an ounce at 0335 GMT. US gold futures also traded lower by 0.3 per cent at $1,219.10 an ounce.

    A number of central bank meetings are slated for this week but the biggest of them in all probability shall be the Federal Open Market Committee (FOMC) on Tuesday and Wednesday. Bank of Japan's monetary policy meeting is scheduled for Monday and Tuesday.

    Bank of England will come up with its monetary policy decision on Thursday.

    The Fed is expected to reinforce its outlook to gradually increase rates in the United States. The increase in rates in the US will provide momentum to both the US dollar and bond yield. And this renders dollar-denominated gold expensive for buyers in other currencies.

    In the domestic market, gold too declined in prices by a huge Rs. 250 per 10 gm to Rs. 29,230 for 22k gold. However, 24 K gold was trading lower by just Rs. 90 at Rs. 31,810 in comparison to previous day's price.

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    Read more about: gold 22k gold dollar fed
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