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

Subscribe to GoodReturns
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

    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.

    Goodreturns.in

    Story first published: Thursday, November 15, 2018, 13:55 [IST]
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    Get Latest News alerts from Goodreturns

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more