For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

Gold Prices Fell From 14-Month High As Dollar Strengthens

|

The precious yellow metal after hitting a 14-month high at $1358.04 on Friday, levels last seen on April 11, 2018, retreated and stabilized in price as dollar strengthened on the back of robust US retail sales data. Also, investors have been eyeing the crucial Fed meet due this week on June18-19.

Gold Prices Fell From 14-Month High As Dollar Strengthens
 

In the sport market, gold was stable in price at $1,341.66 per ounce as of 0412 GMT. U.S. gold futures was up 0.1% to $1,345.60 an ounce.

Trade spat globally and discounting of rate cut by marketmen have boosted the appeal for safe-havens including gold.

Nonetheless, as retail sales data of the US have come in positive, the expectations of a rate cut have narrowed down from the previous 28.3% to 21.7%.

But appeal of gold has diminished as dollar has gained back ground to a two-week high on strong retail sales figure in the US. There was revision in the sales for the previous month and sales figure for May month also came in higher indicating an increase in consumer spending improving the sentiment for feared slowing global economy.

In the domestic market, gold of 24K changed only slightly to trade higher by just Rs. 10 to Rs..33,160 per 10 grams.

GoodReturns.in

Read more about: gold us dollar safe haven fed meet
Story first published: Monday, June 17, 2019, 12:12 [IST]
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'
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