Traded gold prices higher on Monday morning on the back of the weak dollar index, which is on track for the fourth session of losses, after the failure of financial leaders of the G20 to make an open and free global trade issue while more dovish comments the Fed expected post continued Wednesday high rate related to support yellow and minerals.
Gold for April delivery on the Comex division of the New York gained $2.55 or 0.21%, to trade at $1,232.85 a troy ounce.
In the futures market gold was trading at Rs 28,550 per 10 gm on MCX.
In what was a quiet day for those first-class economic data, investors continued to focus on the comments of the Federal Reserve on Wednesday, as the US central bank maintained its forecast to raise interest rates twice this year, compared with expectations of market participants of three more rate raises.
At the same time the dollar’s decline also added a layer of support for gold denominated in dollars, and the dollar on the way for a fourth day of losses, after the decline of G20 financial leaders pledged to maintain free and open global trade policy statement at weekends.
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