Gold futures prices decline as dollar climbs on rates speculation

Gold futures prices decline as dollar climbs on rates speculation

Prices of gold futures fell Friday, retreating profit since January as the greenback strengthened for second consecutive day. Jobless optimistic US report on Thursday, while tensions in Yemen continued to provide support to precious metal.

On the Comex, gold futures for April delivery dropped by 0.58% to $ 1197.70. Bullion for prompt delivery dropped for the first time in eight sessions, declining 0.4 percent to $ 1,200.35 an ounce in London.

The dollar is determined for a ninth month gain versus the euro, the longest in history, amid speculation that the Federal Reserve is nearing an increase in the interest rate, even as its European partner added stimulus.

The dollar found ample support on Thursday after data showed the number of people filing for unemployment assistance in the US last week slid to a five-week optimism unleashed by the strength of the labor market.

The rupee opened at 62.78 per dollar and touched a high and a low of 62.39 and 62.79, respectively, in intra-day trade, but closes 25 paise stronger against dollar at 62.42. The yield on India’s 10-year benchmark bond closed at 7.777% compared with its Thursday’s close of 7.798%.

At the MCX, the Gold June futures contracts fell by Rs 102, or 0.38%, to Rs 26,948 per 10 grams on profit-booking. Profiteers locked-in gains amid weak global trends.

The Department of Labor United States said that the number of individuals who filed initial jobless benefits in the week ended March 21 fell 9 thousand to 282 thousand to total 291,000 the previous week

Another report showed the US service sector grew at the fastest rate this month since September.

Gold prices met with the highest level of his long run on Thursday, as Yemen turmoil.

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