Gold Prices Under Pressure as Safe Haven Demand Eases

Gold Prices Under Pressure as Safe Haven Demand Eases

Gold futures prices edged lower in early trade on Wednesday, as demand for safe-haven assets eased amid a recovery in US dollar and global equities.

Comex gold futures shed $9.60, or around 0.8%, to $1,284.50 a troy ounce. Meanwhile, spot gold was down $6.60 at $1,282.90.

At the MCX Gold was trading 0.39 per cent, or Rs 115, down at Rs 29,399 per 10 gram.

The US dollar index, which tracks the greenback versus a basket of six currencies, rose 0.2 percent to 99.62, down from Tuesday’s low of 99.36, its lowest level since March 28.

Meanwhile, Treasury yields were 10 years at about 2.21%, having fallen to 2.165% Tuesday, the lowest level since Nov. 10.

Gold on the steady trade on the demand for safe skies with continuing doubts in fuel. Amid the uncertainty over geopolitical tension over North Korea, the British prime minister has now decided to enter early elections in June 2017. Early elections in Britain to strengthen Britain’s hand, may have an impact in the French elections as well.

Amid the large volatility of European currencies the euro and the pound against the US dollar will gain strength against the US dollar.

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