Gold tumbled for the eighth day in the longest losing streak within six years as a stronger US dollar cut demand for the precious metal.
Gold in the international market at the lower level of the last 3 months. Its impact resulted in the household, and now gold is trading at extremely short range.
Dollar Spot Index is at the highest within a decade on speculation that the Federal Reserve is getting closer to raise interest rates and the debt purchases by the European Central Bank.
The US dollar index, which measures the strength of the greenback against major currencies, traded at 99,443, an increase of 0.84% from the previous close of 98,618.
The rupee closed down at 62.78 per dollar, unchanged from its previous close. The partially convertible currency opened at 62.84 a dollar and touched a high of 62.70 and a low and 62.88 per dollar, respectively.
Gold for immediate delivery slipped 0.3 percent to $ 1,158.39 an ounce in London. Similarly, gold for April delivery lost 0.3 percent to $ 1,156.90 on the Comex in New York.
MCX gold April futures declined by 0.31 per cent to Rs 25 838.
Investors withdrew from gold-backed funds in the last 10 days, the prospects for higher rates dampened the metal’s appeal, which generally provides returns through price increases. Policymakers are better placed tightening earlier and more gradual than later and faster, the Federal Reserve Bank of Dallas, Richard Fisher, president, said two days ago.
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