Gold prices up for second day amid a weaker dollar

Gold prices up for second day amid a weaker dollar

Bullion has seen a setback recently as the equities markets have suffered from confusion about the debt talks between Greece and its European creditors and its future in the euro zone. Image Source:

Gold prices rose second consecutive day amid a weak dollar and uncertainty regarding the debt-ridden Greece, as the drop in retail sales in the US have cast doubt on the growth rate of the world’s largest economy, driving demand of a shelter.

Spot gold had ridden 0.4 percent to $ 1.227 an ounce. The metal ended 0.3 percent higher on Thursday following the first drop of $ 1215.30, the lowest level since 9 Jan. Gold has not posted a daily profit of stand back to back since Jan. 16.

Bullion has seen a setback recently as the equities markets have suffered from confusion about the debt talks between Greece and its European creditors and its future in the euro zone.

Greece on Thursday agreed to speak with its creditors on the way out of its international bailout in a political climb-down could prevent his new leftist Broad government running out of money as soon as next month.

US gold futures April delivery increased by 0.5 percent to $ 1.227 an ounce on the Comex in New York. Silver spot gained 0.7 percent to $ 16.9694 an ounce.

Gold added 3.7 percent this year as the Greek debt crisis and more stimulus in Europe and Asia offset the impact of a stronger US dollar and prospects of rising US rates.

A weaker dollar after gloomy US economic data on retail sales and unemployment claims also endorsed gold, making the price of basic commodities on the cheap dollar for holders of other currencies.

However, that was not sufficient to compensate losses for the week bullion are willing to enter at about 0.5 percent.

The prospects for the dollar remained optimistic despite recent losses as many investors continued to price in a hike in interest rates by the Federal Reserve sometime this year.

Investors may have fallen in love with gold, but romantic reinforced by an improved economy being pushed sales of US jewelry for Valentine’s Day to the highest in at least five years.

Read here: Gold is Back for Valentine’s Day Romance

The Indian Rupee currency on Friday strengthened versus the dollar, tracking gains in Asian currencies and local equity market. After midday trade, rupee trimmed early gains, but was still higher.

At the Multi Commodity Exchange, Gold futures for April rose by Rs 119 to Rs 26,638 per 10 grams on Friday, as speculators created fresh positions on cues from overseas markets.

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