Gold prices edged higher as U.S. dollar pulls back

Gold prices edged higher as U.S. dollar pulls back

Prices of US gold futures rallied on Tuesday, as traders continued to monitor the dollar address for measuring the appeal of the precious metal.

On the Comex, gold futures delivery in August tacked on $3.70, or 0.31%, to trade at $1,192.40 a troy ounce.

The dollar index, which measures the strength of the US dollar against major currencies, was trading at 96.734 below the 0.67% the previous close of 97.392, the lowest level since May 26.

Investors sold off gold across bullion-backed funds, cutting holdings to a minimum of four months, on speculation that the Fed is moving closer to interest rates. Futures little changed.

Assets in exchange-traded products backed by the metal fell 2.4 metric tons to 1599.5 tons as of Monday, according to Bloomberg.

Most commodity market pundits expect the Fed Reserve to start raising rates in September amid signs that the economy will recover from a weak first quarter.

Later in the day, the US will publish data on factory orders in April. Market participants are also looking forward to the NFP report due later this week.

In the meantime the Prime Minister Alexis Tsipras said Tuesday that Greece presented a “package proposal” to its lenders on Monday night and added that the decision now rested on an agreement with European political leaders.

The rupee ended at 63.83, down 0.19% from its previous close of 63.71. It swung open at 63.68 and touched a high and a minimum of 63.66 and 63.97, respectively.

The Sensex was shut 2.37%, or 660.61 points, to 27188.38 weaker on Tuesday, dragged down by the types of sensitive stocks after the Reserve Bank of India (RBI) cut the repo rate by 25 basis points, but cited upward risks to inflation, suggesting that there will be additional cuts in rates in the near future.

In the meantime, at MCX Gold prices were trading higher on Tuesday. MCX Gold October futures contract was trading at Rs 27283 up Rs 44, or 0.16 percent.

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