Gold Futures Prices Remain Supported on Weaker US Dollar

Gold Futures Prices Remain Supported on Weaker US Dollar

Gold futures prices remained close to Monday’s two-month peak, as disappointing comments by Federal Reserve chairwoman Janet Yellen at the Jackson summit continued to weigh on the dollar.

Comex gold futures were up around $5.80 or about 0.45% at $1,303.69 a troy ounce.

MCX Gold was up 0.13 per cent, or Rs 39, at Rs 29,206 per 10 gram, and MCX Silver was up 0.29 per cent, or Rs 113, at Rs 39,125 per 1 kg.

Globally, gold rose 0.41 per cent to USD 1,296.10 an ounce and silver by 0.44 per cent to USD 17.13 in Singapore.

The US dollar index fell to its lowest level in 15 months after he delivered a speech from Federal Reserve Chairman softened in the Jackson Hole Economic Symposium reference to monetary policy, disappointing some investors who were hoping that they will adopt the tone of the Hawks.

The dollar has been under strong selling pressure this year amid continuing uncertainty over US President Donald H. Trump’s economic agenda and doubts that the Federal Reserve will raise its benchmark interest rate this year.

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