Gold prices stays below $1,200 on Weak global cues

Gold prices stays below $1,200 on Weak global cues

 

Gold futures prices held below the $1,200-level on Tuesday, as a stronger U.S. dollar pared early gains diverted some interest from the metal.

On the Comex, gold futures delivery in June inched up 60 cents, or 0.05%, to quoted  at $1,194.30 a troy ounce, while Spot gold was $1,201.63 an ounce up 0.5 per cent.

The dollar index, which measures the strength of the greenback versus a trade-weighted basket of six major currencies, rose 0.5% to trade at 98.65 early on Tuesday.

Concerns about Greece lobbied the euro in early trading, but later losses compared against the dollar. That prompted some pressure off gold, which is priced in the US currency.

The prices of gold this year have been burdened on expectations that the Fed is prepared to raise interest rates for the first time in nearly a decade.

Physical demand in China, the second largest consumer of gold, was a dull night, traders said, with the precious metals house MKS reports “slow moving or modest price tag action” during the Asian session.

The operators were also looking at physical demand in top consumer India, which on Tuesday celebrated Akshaya Tritiya festival, considered one of the most conducive day to purchase gold.

Sales on Tuesday Akshaya Tritiya, seen by over 900 million Hindus in the country as a traditional day to buy precious metals may increase as much as 20 percent since 2014, Manish Jain, president of the All India Gems & Jewellery Federation Trade, said.

“Gold remains a reliable hedge against inflation and remains a valuable purchase” for indigenous said.

Taking weak cues from the global markets, Gold prices fell marginally by 0.15 per cent to Rs 26,797 per ten grams in futures trade on MCX.

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