Gold Prices Stabilizes After Falling to Near 2-Week Lows as Dollar Keeps Strength

Gold Prices Stabilizes After Falling to Near 2-Week Lows as Dollar Keeps Strength

Prices of US gold futures remained steady on Tuesday, after being dropped to the lowest level in almost 2 weeks overnight, also under pressure after suffering his loss more pronounced since March in the previous session, as the US dollar remained firm, curbing appetite for the precious metal.

Gold for June delivery on the Comex Exchange fell about 1.1% to a daily low of 1,261.50 a troy ounce, a level not seen since April 28, before recovering slightly to $1,267.50.

Spot gold was up 0.2 percent at $1,265.95 an ounce, after hitting an early low of $1,259.51, its weakest since April 28.

Bullion fell 1.9 percent on Monday, its sharpest single-day drop since March 23.

The US dollar index, which measures Fortress greenback versus a trade-weighted basket of six major currencies, extended his streak of five days in early trading on Tuesday, getting on 94.26, the most since the 28 last April stood at 94.17.

One US dollar stronger normally weigh on gold, as it dampens the metal’s appeal as an alternative asset and expensive raw materials denominated in US dollars more expensive for holders of other currencies.

Bullion has dropped in five out of the last six sessions, after having ceased to hold above resistance at $ 1,300 and not benefitting both data last week showing that the US economy adding fewer jobs in seven months in April.

But gold remains up 19 percent this year since the expectations of an increase in short-term interest rates had declined US.

The investors digesting a further round of economic data from China. The National Bureau of Statistics reported earlier that the consumer price index in China rose 2.3% in April over the previous year, below forecasts for a 2.4% increase. The producer price index fell 3.4% on a year-over-year basis, compared with a decrease of 4.3% in January, the agency said.

On the Akshay Tritiya yesterday, in the domestic market, gold fell close to by Rs 550. MCX gold with a marginal gain of 0.1 per cent is trading at Rs 29840.

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