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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.

Read more about: gold us dollar safe haven fed meet
Story first published: Monday, June 17, 2019, 12:12 [IST]
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