Gold Prices Rises as US Dollar, Stocks Wobble on U.S. Healthcare Delay

Gold Prices Rises as US Dollar, Stocks Wobble on U.S. Healthcare Delay

Gold futures prices climbed higher in US trade on Wednesday as the US dollar and global stock markets wobbled, attracting the attention of investors to the precious metal.

Comex gold futures were at $1,253.68 a troy ounce, up $6.90, or around 0.6%. Gold inched higher Tuesday to notch its fourth gain in five sessions.

At the MCX Gold was up 0.30 per cent, or Rs 87, at Rs 28,640 per 10 gram.

The dollar fell to its lowest level in eight months against other major currencies as the impact of the delay in the US health care vote largely expected on the dollar.

Late on Tuesday, the Republican leader in the Senate, Mitch McConnell moved to postpone the vote on the planned reform of the health care system until after the recess of the Senate on July 4, hoping to get more support from Republican senators.

Lack of investor interest for gold can be seen in SPDR Gold Trust, where holdings fell 0.35 percent to 851.02 tonnes on Friday.

Strong purchases from investors, retailers and industries further support precious metals in the morning deals.

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