Gold loses lustre, slips from seven-week high
DSIJ Intelligence / 03 Aug 2017
Gold prices on Thursday climbed downward from seven week highs hit earlier this week as the dollar firmed expectations that the US Federal Reserve may trim bond holdings in September.
Gold prices on Thursday climbed downward from seven week highs hit earlier this week as the dollar firmed expectations that the US Federal Reserve may trim bond holdings in September.
Spot gold had fallen 0.3% to USD 1,262.40 per ounce by 0033 GMT.
US gold futures for December delivery dropped 0.8% to USD 1,268.70 per ounce.
US private employers added 1,78,000 jobs in July, below economists’ expectations, a report by a leading research agency showed on Wednesday.
In the domestic market, gold and silver traded weak on Thursday on account of subdued demand of precious metals by jewellers, investors and industrials amid weak global cues.
MCX Gold was down 0.19%, or Rs 54, at Rs 28,383 per 10 gram, while MCX Silver was down 0.94%, or Rs 358, at Rs 37,758 per 1 kg.