Gold declines 1-Week high as tension between Ukraine and Russia and dollar strength

Gold declines 1-Week high as tension between Ukraine and Russia and dollar strength

Fall into gold in the international market has increased. Gold reached out a declined from a maximum of one week, receding for a third day as traders weigh the health of world economy against the tension between Ukraine and Russia. Also on Tuesday owing to a stronger US dollar surpassed any safe-haven demand for the lowest shares.

Bullion immediate futures delivery lost up to 0.4 percent to $ 1280.41 an ounce and was at $ 1280.68 in Singapore. The metal rose to $ 1,296.61 on August 28, the highest since Aug. 20.

Gold futures for December delivery was at $ 1281.50 an ounce on the Comex in New York from $ 1,287.40 on August 29.

“Ahead of weak tendency overseas and profit-booking by speculators, gold prices dropped in futures trading today. At the Multi Commodity Exchange, gold for October delivery fell by Rs 74, or 0.26 percent, at 27,860 rupees per 10 grams.” said 100McxTips analysts.

Gold rallied from a two-month low on Aug. 21 as financial data indicated an uneven global recovery and unrest in Ukraine invigorated demand for refuge. While the United States housing to employment had been shown signs of improvement, boosting the dollar, reports yesterday showed manufacturing in China and the Eurozone slowed more than expected in August. Ukraine said yesterday of an escalation of the conflict in its eastern regions.

The strong dollar ahead of ECB policy are this week and US non-farm payrolls data has precious metals traders concerned about that gold could fall by lower levels in the coming sessions.

 

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Posted in Commodity, MCX, Stocks Market

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