Gold trades above $1,190 highest in 2 weeks in longest run with weaker dollar

Gold trades above $1,190 highest in 2 weeks in longest run with weaker dollar

Gold tumbled to a four-month low of $ 1141.60 on March 17 on concerns that the Fed starts raising rates….Image Source: http://cnb.cx/1BfWSA1

Gold prices rose to a maximum of two weeks at the longest track on Tuesday, as a broadly weaker US dollar pushed prices amid speculation US policy makers hold off raising interest rates until late this year.

The greenback was down for a third day against 10 currencies, as of Fed Vice Chairman Stanley Fischer said on Monday that higher interest rates justified this year, economic developments will drive the pace and scale of the gains. Bullion also won last season as concern that Greece could leave the euro boosted demand for a haven.

On the Comex, gold futures for April delivery touched an Intraday high of $1,192.40 a troy ounce, the most since March 6. While, Gold for immediate delivery rose 0.4 percent to $1,194.06 an ounce in London.

Gold tumbled to a four-month low of $ 1141.60 on March 17 on concerns that the Fed starts raising rates as early as June before rebounding more than 4% after the Fed forecasts a slower pace of rate hikes.

Holdings in gold-backed exchange-traded products rose for the first time in a month. Assets added 0.2 metric ton to 1,626.6 tons as of Monday.

The rupee rises for the seventh consecutive session, tracking the rise in Asian currencies and weakness in the US dollar. The benchmark bond yield closed unchanged at 7.75%. It opened at 7.754% and touched a high and a low of 7.754% and 7.736%, respectively. This is the longest winning streak for the rupee since June 2011.

In domestic and international market, gold is traded on the edge. Gold had have support from a fall in the dollar. MCX gold is trading up 0.5 per cent to Rs 26,300.

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