Gold Prices Loses Ground on Weak Global Cues but Remains Near 2-1/2 Month Peak

Gold Prices Loses Ground on Weak Global Cues but Remains Near 2-1/2 Month Peak

Gold futures prices lower on Friday amid weak global trend, with the dollar rebound from char losses in the previous session, but the metal remained precious to close to a higher level away in one and a half months amid the ongoing political uncertainty and a key jobs report in the United States.

On the Comex, gold futures for April delivery were down 0.30% at $1,215.75, not far from Thursday’s two-and-a-half month high of $1,224.20.

Globally, gold fell by 0.16 per cent to $ 1,213.50 an ounce in Singapore.

The dollar has recovered from losses deployed after the Federal Reserve said on Wednesday that some of the existing measures on the market of inflation remains low.

However, the central bank also said that job creations continue to be strong, and inflation had increased and economic confidence is on the rise.

Remarks came after the Fed left rates steady at the conclusion of the monetary policy meeting, which lasted two days, in a move that was expected on a large scale.

Increased US dollar index, which tracks the dollar’s strength against a trade-weighted basket of six major currencies, was remained stable at 99.88, from swimming two and a half months on Thursday from 99.19.

In Delhi, gold of 99.9 and 99.5 per cent purity declined by Rs 50 each to Rs 29,550 and Rs 29,400 per ten grams, respectively amid weak global trend and sluggish demand from local jewellers.

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