Gold Futures Prices 8-Month Low as Stronger Dollar

Gold Futures Prices 8-Month Low as Stronger Dollar

Prices of US gold futures were stable in 8-month lows on Friday as the stronger US dollar and improved appetite for risk-after positive development from Greece weighed heavily on the precious metal.

On comex, gold futures for August delivery were steady at $1,144.00. While, gold traded at $1,144.96 an ounce in Singapore, its lowest level since November last year.

Stocks throughout the world rose on strong corporate earnings reports and relief over debt issues in Greece. By the Greek Parliament adopted the following austerity measures demanded by EU lenders to begin talks on a bailout of billions of euros, diverting some attention from gold.

The greenback strengthened after two days of testimony from Federal Reserve President Janet Yellen to the Congress of the United States made investors thinking that the interest rates will rise later this year.

Though, speaking before the US Senate Banking Committee on Thursday, a day after coming before the Committee on Financial Services of the House, once again prevented Yellen specify exactly when it is likely to start raising its benchmark rate near zero .

The US dollar index, which measures the strength of the greenback versus a trade-weighted basket of six major currencies, was at 97.65 at the beginning of European trading, near peak month and a half after Thursday’s 97.92.

The Indian rupee opens unchanged at 63.51 per dollar, but later strengthens to 63.47, and closes at 63.47 per dollar, up 0.07% from its previous close of 63.51.

Analysts attributed amid a weak global trend, eroding demand for the precious metals as a safe haven.

Domestically, on MCX Gold delivery in October contract of gold fell by Rs 68, or 0.26%, to Rs 25,955 per 10 grams.

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