Gold Futures Prices Slip Lower Amid U.S. Dollar Rebounds

Gold Futures Prices Slip Lower Amid U.S. Dollar Rebounds

Gold futures prices declined on Friday, as the USD regained some strength amid a highly-anticipated vote on U.S. President Donald Trump’s healthcare bill.

On the Comex division of the New York gold futures for April delivery were down 0.28% at $1,243.85, just off the previous session’s three-week high of $1.253,15.

Globally, gold fell 0.22 per cent to Rs. 1,241.90 an ounce in Singapore.

In Delhi gold of 99.9 per cent and 99.5 per cent purity rebounded by Rs. 350 each to Rs. 29,350 and Rs. 29,200 per 10 grams, respectively.

The dollar regained some strength where it was to postpone the vote on the health care bill in the US administration on Thursday and rescheduled on Friday.

Trump warned House Republicans that he was leaving Obamacar in place and moving forward to make tax reforms if they do not agree on the new legislation on Friday.

Investors see the vote on health care as a test of its ability to carry out key campaign promises such as tax reform and infrastructure spending.

The dollar index, which measures the strength of the dollar versus a basket of six major currencies, rose 0.15% to 99.71, retreating from a 6-week low of 99.34.

Traders attributed the rebound in gold prices to an increase in purchases by domestic jewelry makers in the local spot market, but a weak trend has gone abroad.

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