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Gold Prices Remain Steady After Dollar Declines From 16-Month High Level


Gold prices on Thursday have held on to most of their gains and are trading almost steady after rising as much as 1% in the earlier trading day. This has come off as dollar has lost in value after hitting a 16-month high early this week.

Gold Prices Remain Steady After Dollar Declines From 16-Month High Level

At 0453 GMT, spot gold was almost steady at $1,211.12 per ounce. US gold futures climbed higher by 0.1% to $1,211.7 per ounce.

The continuous decline in the US dollar against a basket of 6 major currencies will bring back the lost sheen in gold as a safe haven investment. The dollar index which measures the strength of the US currency is trading with a loss at 96.84.

Interestingly, high interest rates in the US provide strength to the greenback and also push bond yields higher thus fading the appeal of non-yielding gold investment.

Gold recorded its peak price in April and since then it has lost close to over 11% in price due to investors' increased inclination towards dollar.

In the domestic markets, gold in 24 and 22K is priced for Rs. 32,400 and Rs. 30,560 per 10 gm, respectively.

Story first published: Thursday, November 15, 2018, 13:55 [IST]
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