Gold futures prices near 1-week high as weak dollar, US data

Gold futures prices near 1-week high as weak dollar, US data

Gold futures traded near a one-week high on Wednesday as a weaker dollar against the economic data later in the day and added metal investors through bullion-backed funds. Moreover, winding up the fund and the uncertainty in the timing of a possible rise in US rates keep the demonstration under control.

At come, Gold futures for June delivery were at $1,193.5 a troy ounce. In London  bullion for immediate delivery rose 0.3 percent to $1,197.68.

The US Dollar index reached its lowest point in nearly a week. The indicator fell by 5 percent since mid-March, in part, as traders drove back on expectations that the Federal Reserve would hike interest rates.

German bond yields rose, narrowing the breach with its US counterparts as fears of deflation eased amid retrieval oil prices and with the addition of the program of massive QE from the European Central Bank.

German bond yields act as a benchmark for the European financial markets and higher yields push the euro rose against the dollar. Yields rise as prices fall.

Holdings in gold-backed exchange-traded products rose 1.3 metric tons to 1,616 tons, as data compiled by Bloomberg as of Tuesday. Revenues reached to 13.2 tons in the previous four sessions.

The dollar trimmed losses versus the euro earlier, after first-quarter economic growth in the euro zone was slightly weaker than expected.

The Indian rupee closed at 64.01, up 0.25% from its previous close of 64.17. The local unit opened at 64.18 per dollar and touched a high of 63.94 a dollar, tracking the gains in the local equity markets.

Yesterday’s bullish on gold in the domestic market has vanished today. But in the domestic market the gold is still trading above Rs 27,000.

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