Gold prices fell nearly 3 per cent on Monday kicked off the week as a rebound in stock markets pointed to a sharper appetite for risk, pulling prices further from last week’s one-year high and investors moved back into riskier assets.
Gold for April delivery on the Comex Exchange fell by as much as $31.30 to hit an intraday low of $1,208.10 a troy ounce.
Spot gold was down 2.7 per cent at $1,204.80 an ounce, off an earlier low of $1,201.65.
It is expected that trading volumes lighter than usual as US trade It is closed for President’s Day holiday.
The prices for the yellow metal rose to a maximum of one year of $ 1,263.90 on Thursday, boosted by a pursuit of security. Futures rose $ 65.60, or 7.02%, last week, the best weekly performance since December 2008.
Gold has been well supported the last few weeks amid global economic and financial indicators might winds make it hard for the Federal Reserve to raise interest rates as much as you would like this year.
European exchanges rallied 3 percent on Monday after China’s central bank set the yuan at a much stronger pace, while the dollar gained against the yen and the euro.
Steep losses in stocks the last few weeks have led investors to lower expectations of rising interest rates in the United States this year, benefiting from strong gold.
Gold for delivery in far-month June dropped Rs 416 or 1.40% to Rs 29,224 per 10 gm at the Multi Commodity Exchange as speculators trimmed their positions.
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