Home Business News Gold dips to 8 month low of sub-Rs 46,000 on rising dollar...

Gold dips to 8 month low of sub-Rs 46,000 on rising dollar – Times of India


MUMBAI: Price of gold in India slid below the Rs 46,000-per-10gm mark for the first time in about eight months. This was the result of the US dollar becoming stronger due to rising bond yields in the world’s biggest economy, leading to a selloff in the yellow metal globally.
According to data from MCX, the spot had dipped to Rs 45,900 levels on Friday, while gold futures for April expiry were trading at Rs 46,126 in the late evening session.
On the Chicago Mercantile Exchange (Comex) in the US too, the price of gold was at $1,784 per ounce — the lowest level since June 29.

Being a globally traded commodity, the yellow metal’s price in India fluctuates due to — other than the demand factor — the international price and also the rupee-dollar exchange rate. Of late, although the dollar has been strengthening against most major currencies, it has been hovering at the 73 mark for the last few months against the rupee. On Thursday, the rupee had closed at 72.65 to the dollar (the interbank forex market was closed on Friday).
According to Motilal Oswal Financial Services VP (commodities research) Navneet Damani, gold prices fell because the recent strength in US treasury yields dented the non-yielding metal’s appeal.
“Benchmark US treasury yields edged higher, having hit a near one-year peak earlier in the week. On the data front, US jobless claims unexpectedly increased last week. This raised the possibility of a second straight month of tepid job growth despite declining new Covid infections,” Damani said.
“The broader range on the Comex could be $1,755-1,782 and, on the domestic front, prices could be Rs 45,700-Rs 46,300,” he said.



Source link

Avatar
Sahilhttp://digitalguruji.org
In this blog our main motive is to provide you all kind of latest information about technology, politics, sports, and health. If you want to read this information then you should have to visit our website. This information will help you to increase your knowledge.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Israel to vaccinate Palestinian labourers against Covid-19 – Times of India

JERUSALEM: Israel will administer Covid-19 vaccines to Palestinians who work in Israel or in its settlements in the occupied West Bank, the Israeli...

Don’t bully Riyadh, Saudi columnists tell Biden administration – Times of India

DUBAI: Saudi Arabia's sovereignty is a red line, Saudi columnists said on Sunday, ramping up rhetoric in defence of Crown Prince...

Prince William backs anti-Covid-19 vaccines in a video call with Indian-origin family – Times of India

LONDON: Britain's Prince William has become the latest member of the royal family to encourage people to take up vaccines to protect themselves...

China rolls out first one-jab Covid-19 vaccine: Report – Times of India

BEIJING: China has given conditional approval for a single dose Covid-19 vaccine, touted to be a rival to Johnson & Johnson's one-jab shot...

Recent Comments