Gold loses glitter as dollar shines
DSIJ Intelligence / 27 Jan 2017
Gold spot price dropped to its two-week low on Friday morning as selling pressure in the yellow metal increased with the approach of the Chinese Lunar new year. This has come about with the strengthening of the US dollar.
Gold spot price dropped to its two-week low on Friday morning as selling pressure in the yellow metal increased with the approach of the Chinese Lunar new year. This has come about with the strengthening of the US dollar.
The gold spot is down by about 0.50 per cent at $ 1183.52 per ounce at 10.56 a.m on Friday, breaching its lowest of $1184.03 since January 11, 2017.
Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong said, "A combination of things including a strong dollar, thin volumes ahead of the Chinese (or Lunar) New Year and weak longs is putting pressure on the market,"
As the US dollar gains, it is observed that gold prices trend downwards in dollar-denominated commodities markets of other countries.
Silver too has lost about 0.60 per cent and is trading at $ 16.71 per ounce.
Ahead of the Lunar new year holiday, the Asian markets may remain listless for a few days, but one needs to wait and watch if the bullion market rebounds next week.
If you want to stay updated with the share market news today, keep a close watch on the indian stock market today with real time movements like sensex today live and overall stock market today trends. Investors tracking ipo allotment status, ipo news today, or the latest ipo india can also follow daily updates along with bse share price live data. Whether you are learning how to invest in stock market in india, preparing for a market crash today, or searching for the best stocks to buy in india, insights on top gainers today india, top losers today india, trending stocks india and long term stocks india help in making informed investment decisions.