Gold Prices Near 15-Month Peak $1,300 as Dollar Crashes to 15-Month Lows, Fund Inflows

Gold Prices Near 15-Month Peak $1,300 as Dollar Crashes to 15-Month Lows

Prices of US gold futures rose further over the $ 1.300 level key on Tuesday looked small losses overnight as the United States dollar smashed to 15-month lows versus a basket of currencies and as a government asset more background bullion rose to their highest levels in more than two years.

Gold for June delivery on the Comex rose to an intraday peak of $1,303.85 a troy ounce before falling back to $1,302.35, up $6.55, or 0.51%. On Monday, gold rallied to $1,306.00, the most since January 2015.

Spot gold was little changed at $1,291.45 an . The metal rose to its highest since January 2015 of $1,303.60 but ended the day lower by 0.2 percent.

The US dollar extended losses versus a basket of six other major currencies, falling to a low of 91.98 at one point on Tuesday, its lowest point since January 2015. The last time was at 92.01, down 0.56% for the day.

In early trading Tuesday, the yen rose to a fresh 18-month high versus the dollar, trading US currency at ¥ 105.57, while the euro reached its highest level since last August at $ 1, 1592.

Dollar Index has dropped more than 6% so far this year as expectations faded that the Fed would move to normalize interest rates due to fears about a global economic slowdown.

At the Multi Commodity Exchange, gold for delivery in June fell Rs 90 or 0.3 per cent to Rs 30,204 per ten grams as participants booked profits at prevailing higher levels even as the precious metal glittered overseas.

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