Gold Price Extends Recovery from 10-Month Lows as U.S. Dollar Pulls Back

Gold Price Extends Recovery from 10-Month Lows as U.S. Dollar Pulls Back

Price of gold extended recovering from its lowest level in 10 months on Monday trade,  as the U.S. dollar pulled back from recent highs.

Spot Gold rose 0.46 per cent to USD 1,139.80 an ounce.

Gold for February delivery on the Comex tacked on $4.55, or 0.4%, to $1,141.95 a troy ounce, after rising $7.60, or 0.67%, in the prior session.

The dollar index, which tracks the dollar’s strength against the six major currencies, was down 0.3% at 102.60 in early trading, down from the highest level last week, 14-year-old from 103.55, , raising appeal of the precious metal as a safe haven and a wave of profit booking kicked in the future of the year-end holidays.

Gold metal was trading 0.12 per cent, or Rs 33, higher at Rs 27,197 per 10 gm , as the US dollar declined from a 14-year peak against a basket of currencies.

Indian bullion Traders said that the decline in Price of gold to lukewarm demand from the jewelry as well as retailers in the local spot market after the end of the season of weddings and liquidity crisis prevailing in the market, but having a consistent trend overseas culminated the fall.

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