Gold Slips From 3-Week High as Dollar Rebounds, Shares Surge

Gold Slips From 3-Week High as Dollar Rebounds

Gold futures prices slipped from the previous day’s 3-week high on Wednesday as  European shares surged as upbeat Chinese trade data boosted risk appetite, and as the dollar regained some poise.

U.S. gold futures for June delivery were down 1.09% to $1,246.80 an ounce. The precious metal hit highs of $1,262.60 an ounce on Tuesday, the most since March 18.

Spot gold was down 0.9 per cent at $1,244.25 an ounce.

The US dollar index, which measures the greenback force against a weighted basket of six major currencies, rose 0.54% to 94.52, rebounding from eight-month lows of 93.62 on Tuesday.

The dollar weakened through the board after the latest moderated comments by Federal Reserve Chairman Janet Yellen prompted investors for rolling back expectations on the schedule of the next rate increase.

A rise in the interest rates could boost the dollar, making it more attractive to investors seeking produce, weighing on gold by making it more expensive for holders of other currencies.

The shares from all over Europe met on Wednesday, following gains in Asia as upbeat trade data from China overnight eased concerns over a slowdown in the second biggest economy in the world.

Fed said in December that would probably require four increases this year, but reduced their views in March two rate hikes by 2016. The markets are factoring in only a rate hike, but the comments of two officials Fed on Tuesday added to the uncertainty.

At Multi Commodity Exchange, Gold for delivery in far-month August was trading lower by Rs 126, or 0.43 per cent, at Rs 29,387 per 10 grams n futures trade today as participants cut down their holdings amid a weak trend overseas.

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Posted in Commodity, MCX, Stocks Market

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