Precious Metals
Gold rebounded from a seven-month low of $1,207.04 an ounce (32 gms) hit on Thursday as the dollar's rise to a four-year high against major currencies raised concerns about earnings of US companies, particularly those who sell commodities denominated in that currency overseas. This resulted in US equities paring gains on Thursday and some amount of safe-haven buying in gold.
Gold on Friday traded up $4 at $1,225 early noon Indian time. However, a stronger dollar still leaves a bearish overhang on the metal and fears of its falling below $1,200.
In India, the metal, in addition to the overnight rise in London, was supported by a weak local currency with the rupee having closed 37 paise lower to the dollar at 61.34 on Thursday. Gold on the MCX ended up almost a percent and half on Thursday at Rs 26,935 per 10 gms, ex-VAT. This was against three-tenths of a percent rise in gold traded in London.
On Friday, the intraday price of gold in the local market was Rs 27,045, up Rs 110 from Thursday's close. Indian jewellers like Kumar Jain, proprietor of UT Zaveri at Mumbai's Zaveri Bazaar, expect local prices to be supported by festive buying and a weak rupee.
D A I L Y B U Z Z
GOLDGold rebounded from a seven-month low of $1,207.04 an ounce (32 gms) hit on Thursday as the dollar's rise to a four-year high against major currencies raised concerns about earnings of US companies, particularly those who sell commodities denominated in that currency overseas. This resulted in US equities paring gains on Thursday and some amount of safe-haven buying in gold.
Gold on Friday traded up $4 at $1,225 early noon Indian time. However, a stronger dollar still leaves a bearish overhang on the metal and fears of its falling below $1,200.
In India, the metal, in addition to the overnight rise in London, was supported by a weak local currency with the rupee having closed 37 paise lower to the dollar at 61.34 on Thursday. Gold on the MCX ended up almost a percent and half on Thursday at Rs 26,935 per 10 gms, ex-VAT. This was against three-tenths of a percent rise in gold traded in London.
On Friday, the intraday price of gold in the local market was Rs 27,045, up Rs 110 from Thursday's close. Indian jewellers like Kumar Jain, proprietor of UT Zaveri at Mumbai's Zaveri Bazaar, expect local prices to be supported by festive buying and a weak rupee.
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