Gold Futures Prices Fluctuates Near 3-Month High on Stronger Dollar, Profit-Taking

Gold Futures Prices Fluctuates Near 3-Month High on Stronger Dollar

Gold futures prices fluctuated between gains and losses in early trading on Tuesday,  with investors booked profits after the yellow metal hit near a rise for three months in the previous session, with a rise in the absence of global political uncertainty has supported the demand for a safe haven.

Gold for April delivery on the Comex division of the New York tacked on 25 cents, or less than 0.1%, to $1,232.45 a troy ounce, after rallying $11.30, or almost 1%, a day earlier.

Spot gold was down 0.52 per cent at $1,229.11 per ounce. In the previous session, the metal touched $1,235.73, its highest since Nov. 11.

The focus of investors largely on the French policy, called the National Front far-right leader Marine Le Pen’s presidential nomination over the weekend, vowing to fight globalization and take France out of the euro zone.

Regardless France, the market players also factor in the elections in other parts of the European Union this year. Dutch March elections, followed by Germany in September. As the former Italian Prime Minister Matteo Renzi said he was ready to give up his quest for the early vote in Italy, looms another presidential election.

The political uncertainty in the United States has been fueled by President Donald Trump’s policies, and the most controversial of which is to impose a temporary ban on the entry of people from seven countries, most of them Muslim.

President and Philadelphia Fed said Patrick Harker on Monday he was ready to raise interest rates again at its meeting in March, the US central bank if growth continues in jobs and wages.

Gold was trading 0.28 per cent, or Rs 83, higher at Rs 29,276 per 10 gm on the MCX amid safe-haven demand on rising global political uncertainties.

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