, ,

GOLD NEAR THREE WEEK LOW AS DOLLAR RISES

In New Delhi, Gold was traded with a satisfactory gain on Tuesday morning in domestic futures trade. A nominal demand by local jewelers helped the yellow metal to show this minor progress. When dollar rise against its major global peers this precious metal fell from a good peak from last few days and fell to an over 3-week low in global economy. A stronger dollar shows negative impact on gold prices. SPDR Gold Trust fell 1.5% on Monday, causing the biggest one day decline in last month. After the U.S dollar strengthen and equity rose, gold fall deliberately and trading over a three week low. US manufacturing activities exceeded a bit more than expected in March. Retail sales fell in February but a rebound in Factory activities and good increase in construction spending helped people to gain trust in the economy. US Gold futures is down by almost 0.1% at $1,293.40 an ounce. Asia shares showed a progress when investor confidence boost from positive word of mouth about China and US trade wars. Silver prices also declines and orders from coin makers and industrial units tend to reduce.
Currently Gold is trading at Rs 31,754 per 10 gram on MCX and Silver is trading at Rs 37403 per kilo on MCX on Tuesday. (Data recorded at 2:30pm IST).