Gold price edge down on firm dollar

Dhaka,  Monday,   2016-09-23
Published : 23 Sep 2016, 11:27:45

Gold price edge down on firm dollar

Gold price edge down on firm dollar
Gold edged down on Friday, after touching a two-week high in the previous session, on a stronger dollar, but was on track for its biggest weekly gain in nearly two months.

Spot gold dropped 0.2 per cent to $1,334.41 an ounce by 0411 GMT.

But the gold was on track for a weekly gain of nearly 2.0 per cent, the highest since end-July.

US gold futures slipped 0.5 per cent to $1,338.20 an ounce.

The dollar index, which measures the greenback against a basket of currencies, was up 0.1 per cent at 95.534.

A stronger greenback makes dollar-denominated gold more expensive for holders of other currencies.

Gold is likely to see profit-taking in Asia, given the higher prices and decent regional buying in the range of $1,310 to $1,320 last week and early this week.

Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.69 per cent to 950.92 tonnes, for a second straight session on Thursday.

Among the precious metals, silver posted a weekly gain of 5.0 per cent, since the week ending July 1.

Platinum edged up 0.3 per cent at $1,054.20. It rose as much as 1.7 per cent in the previous session.

Palladium was down 0.5 per cent at $690.20, after rising 1.5 per cent on Thursday, according to a news agency.

-SRS-
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