Gold falls as dollar strength near the highest level in five years

Gold falls as dollar strength near the highest level in five years

Gold tumbled as the dollar gains close to the highest level on Monday, it remained over five years and investors decreased stakes in traded on SPDR Gold Trust, stemming the demand from a store of value.

Spot gold lost as much as 0.3 percent to $ 1,192.55 an ounce from the close on December 26.

Gold for February delivery was retreated as much as 0.2 percent to $ 1,192.40 an ounce on the Comex in New York, and was trading at $ 1,195.10.

Bullion’s rise has come in thin market conditions due to the Christmas holidays this year and it was unclear whether the gains are maintained when trading resumed.

Bearish sentiment in the bullion market was evident in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund. The fund’s holdings fell 0.08 percent to 712.30 tonnes on Friday, a six-year low, and are set for a fifth consecutive monthly contraction.

Dollar Spot Index, which tracks the greenback against 10 currencies, traded near a five-year high today after rising for nine of the past 10 weeks.

The dollar index, which tracks the greenback value versus a basket of currencies, was trading near a nine-year high last week.

Indian rupee opened at 63.64 per dollar. At 9.08am, the rupee was trading at 63.67 a dollar, down 0.16% from its previous close of 63.57.

Most of the Asian currencies were trading lower against the dollar. The China renminbi was trading down 0.18%, China offshore fell 0.16%, Malaysian Ringgit 0.15%, Japanese yen 0.14%, Philippines peso 0.1%, Thai baht 0.1%, Indonesian rupiah 0.05%.

A stronger dollar and equities is largely liable for the fall of gold almost 1 percent this year, despite the losses are much smaller than the slide 28 percent in 2013.

At the Multi Commodity Exchange,  is seeing a slowdown in gold. MCX gold is trading below 0.15 per cent to Rs 27,035.

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