Gold Futures Prices Holds Onto Gains as Dollar Weakens

Gold Futures Prices Holds Onto Gains as Dollar Weakens

US gold futures prices remained higher on Wednesday, as the worsening sense of the US dollar after US President Donald Trump’s comments, investors remained cautious before the Jackson Hole summit this week.

Comex gold futures were uo around $4.50, or about 0.35%, to $1,299.50 a troy ounce.

MCX Gold was down 0.09 per cent, or Rs 25, at Rs 29,080 per 10 gram.

Globally, gold prices fell 0.53 per cent to USD 1,284.40 an ounce in New York in yesterday’s trade.

The sense of the US dollar was weak after President Trump said at a rally in Arizona on Tuesday that he would be willing to close the government in order to secure funding for his proposed wall along the US-Mexico border.

Trump also warned that it could end the trade treaty to NAFTA with Canada and Mexico after the first round talks aimed at renewing the trade agreement which ended with some signs of progress.

The dollar index, which measures the strength of the dollar versus a basket of six major currencies, fell 0.25% to hit 93.19.

SPDR Gold Trust GLD traded fund, said its latest holdings stood at 799.29 tonnes, remained unchanged from the previous business day.

Traders said the local bullion market sentiment was weak amid falling demand from fasting and weak global signals with high US dollar against a basket of major currencies ahead of an annual meeting of a bank this week, the central banks.

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