Gold Prices Edge Lower After Three Days Of Gains: 5 Things To Know
Domestic gold prices declined marginally on Monday, after rising for past three sessions in a row. Gold prices in Delhi fell by Rs. 80 per 10 grams amid lackluster demand from jewellers and weakness in the international market, where the prices hit their lowest level in a year. Bucking the trend, silver prices made some recovery in the domestic market. Gold prices have been under pressure for past few weeks on the back of strength in the dollar against a group of currencies. A stronger dollar makes gold more expensive for buyers with other currencies.
1. In Delhi, prices of gold of 99.9 and 99.5 per cent purity fell by Rs. 80 each to Rs. 30,890 and Rs. 30,740 per 10 grams respectively, news agency Press Trust of India reported. Gold prices had gained by a cumulative Rs. 170 per 10 grams from July 19 to July 21. Silver prices recovered by Rs. 65 to Rs. 39,320 per kg in the national capital, according to the agency.
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2. In the international market, gold prices slipped towards one-year lows as the dollar strengthened further. Spot gold was down 0.1 per cent at $1,230.24 an ounce at 4:34 pm, moving closer to last Thursday’s low of $1,211.08, news agency Reuters reported.
3. Gold investors eye signs of significant weakness in the US dollar, say analysts.
“(Spot) gold is trading around $1,230 and looks weak as well as existing home sales data in USA are expected to come better compared to last month which will not support gold prices,” said Jateen Trivedi, research analyst, Bonanza Portfolio. The dollar index languished near the two-week low it hit after US President Donald Trump criticised the Federal Reserve’s tightening policy and accused the European Union and China of manipulating their currencies.
4. Global gold prices have tumbled 10 per cent since mid-April, driven lower by a surge in the US currency. The rupee has declined more than 5 per cent against the greenback during this period. On Monday, the rupee closed 2 paise lower against the US dollar at 68.86.
5. Meanwhile, banks and brokerages have cut their average gold price forecasts for this year. A poll of 35 analysts and traders conducted this month forecast an average gold price of $1,301 an ounce in 2018 and $1,325 in 2019, from predictions of $1,334 and $1,352 respectively in a similar poll three months ago.
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