Gold Futures Prices Touch 3-Week Highs On Strong Festive Demand In India

Gold Futures Prices Touch 3-Week Highs On Strong Festive Demand In India

Prices of US gold futures remained firm on Wednesday on a three-week high as the strongest precious metals for physical demands, ahead of the end of October the festival season in India, offset in US dollars withdrew nine-month peak hit overnight.

Gold for December delivery on the Comex Exchange touched a session high of $1,277.20 a troy ounce, the most since October 5.

Spot gold was up about 0.1 percent at $1,275.04 an ounce, it hit $1276.67, its highest since Oct. 5.

The US dollar index, which measures the strength of the greenback versus a trade-weighted basket of six major currencies, was down 0.2% to 98.48 early Wednesday, after hitting highs of 99.09 overnight, its highest since Feb. 1 level.

A weaker dollar generally beneficial gold, as it boosts the metal’s appeal as an alternative asset and expensive raw materials denominated in dollars more expensive for holders of other currencies.

Demand is expected to pick bullion ahead of festivals like Dhanteras and Independence Day, which is also a time when gold traditionally is given as a gift.

Bank of England Governor, Mark Carney, cast doubt on expectations of more monetary stimulus in Europe, while said ECB President Mario Draghi on Tuesday rather not have to keep rates so low for too long.

Holdings of SPDR Gold Trust, in the world, rose 0.34 percent to 956.83 tonnes on Tuesday from 953.56 tonnes on Monday.

 

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