Gold Prices Struggle Near The Lowest Level Since 2010

Gold Prices Struggle Near The Lowest Level Since 2010

The prices of gold battled close to the lowest level since the 2010 on Tuesday, as prospects of rising interest rates in the US continued to weigh.

On the Comex, US gold futures for delivery in August went up to 40 cents, or 0.04%, to trade at $ 1107.20 a troy ounce.

Analysts said that the sustained fall in bullion prices in trading futures was largely in conjunction with global settlements.

A strong US dollar, trading at three months against currency pool overseas on expectations that the Federal Reserve would hike interest rates this year, eroded demand for the precious metal as an alternative investment.

Gold sustained most of its losses on Monday, within a matter of minutes throughout the early hours of the morning in Asia, as a combat of technical selling kicked in after prices smashed under key support levels, triggering new sell orders amid bearish chart signals.

As trade union sources, the drop in early trading on Monday morning at the Chinese market amid thin volumes by a trader commensurate, which resulted in a sharp decline. However, trade had been broken strong level of technical support from several years of $ 1.128 to 1.132 from where gold bounced three times in the last two years. Resulting, several stop-loss related sales continued and algo traders changed their trades, which resulting in study decline.

At the Multi Commodity Exchange (MCX), gold for delivery in August shed Rs 85, or 0.34%, to Rs 24,949 per ten grams due to speculative selling after weak global cues.

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