Gold Prices Continue To Languish After Previous Week's 4% Fall

Gold prices again in early trade in Asia is down. The strength in the dollar has been hindering its way even as inflation remains the prime concern world over. Last spot gold in the international market, dropping by a tad is quoting at $1741 per ounce. And as per the kitco data, the yellow metal has nosedived 7% in 1-month's time.

Dollar's strengthening amid hopes of a hawkish Fed after positive jobs data in the US

The latest US jobs data has come in robust with good jobs added during June month and likewise there remains a view that the Fed shall continue with its rate hike plans and for July it will be a 75 bps hike. So, with it the dollar index has been moving higher and is hovering near a 2-decade high.

Gold rates in India

On the MCX, gold August futures are against the international trend is up by a tad. If we look at gold rates in India after dropping sharply by close to Rs. 1300 per 10 gm last week, it is more and less stable with gold in Mumbai of 22K retailing for Rs. 46950/10 gm, while gold for 24K has been priced at Rs. 51,210 per 10 gm.