Gold retains shine while dollar loses lustre
Shital Jibhe / 04 Aug 2017
Gold remained firmed on Thursday’s trade after hovering near its seven-week high in the previous session as investors awaited US’ job data for further clues regarding interest rate hikes.
Gold remained firmed on Thursday’s trade after hovering near its seven-week high in the previous session as investors awaited US’ job data for further clues regarding interest rate hikes.
Gold rallied through most of July as the dollar fell on reduced expectations for a third US rate rise this year. Inflation has been contained even though the labour market appears to be in its best shape in many years and despite double-digit US earnings’ growth in the second quarter. Reduced rate rise expectations tend to weaken the dollar, making dollar-priced gold cheaper for non-US investors.
Spot gold was up 0.14% to USD 1,268.01 per ounce after touching USD 1,258.20 earlier in the session, the lowest in almost a week. US gold futures for December delivery settled at USD 1,274.40 per ounce. The dollar steadied above a two and
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