LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » World News

Gold price tanks to four-month low on strong dollar index

Gold prices fell to a near four-month low on Tuesday as the dollar gained and investors preferred riskier assets, dampening the safe-haven metal's appeal.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Gold price tanks to four-month low on strong dollar index
Gold traders are on the sidelines because of the strength in the dollar, stock and bond markets, say experts. Photo: PTI
Written By: Reuters
Updated: Tue, Apr 23, 2019
08:57 pm
New Delhi, Reuters
RELATED NEWS
Gold plunges Rs 694; silver up Rs 126 Gold plunges Rs 694; silver up Rs 126
Gold Price Outlook: Yellow metal to touch $1,320 per ounce by July end, say COMEX experts Gold Price Outlook: Yellow metal to touch $1,320 per ounce by July end, say COMEX experts
Gold rush: Weak dollar, uncertainty in global markets may fuel future gold rate Gold rush: Weak dollar, uncertainty in global markets may fuel future gold rate
Money making idea: Should you buy Gold? 54% gains expected in three months, experts give thumbs up Money making idea: Should you buy Gold? 54% gains expected in three months, experts give thumbs up
Gold shines on weak dollar, Fed chief's dovish tone on rate hike Gold shines on weak dollar, Fed chief's dovish tone on rate hike

Gold prices fell to a near four-month low on Tuesday as the dollar gained and investors preferred riskier assets, dampening the safe-haven metal's appeal. Spot gold was down 0.6 per cent at $1,266.98 per ounce by 10:45 A.M. EDT (1445 GMT), after falling to its lowest since December 26 at $1,265.90. US gold futures fell 0.7 percent to $1,268.70 an ounce.

"Gold traders are on the sidelines because of the strength in the dollar, stock and bond markets," said George Gero, managing director at RBC Wealth Management.

See Zee Business Live TV streaming below:

"Gold (market) is taking a back seat, waiting for something solid like inflation numbers or some political changes in the US; until then, prices are expected to trade in the lower ranges."

Denting appeal for bullion, the dollar index held near a three-week high as a drop in market volatility boosted demand for riskier assets, with higher US bond yields also offering support to the US currency. Also, US stocks were trading higher on better-than-expected corporate results. 

"There is risk-on sentiment, and no flight to safety now, even with what happened in Sri Lanka," said Phillip Streible, senior commodities strategist at RJO Futures.

Attacks on churches and luxury hotels in Sri Lanka on Sunday killed over 300 people and wounded more than 500.

Adding to gold`s headwinds are better-than-expected economic readings recently from both the U.S. and China, contributing to the metal`s decline of about 6 percent from its 2019 peak touched in February.

Markets are now awaiting the release of U.S. GDP data later in the week for indications about the strength of the world`s largest economy.

Analysts and traders said gold`s break below key support levels last week, including the 100- and 50-day moving averages, signalled further downside for prices.

Indicative of sentiment, holdings of SPDR Gold Trust, the world`s largest gold-backed exchange-traded fund, were at their lowest since October 26.
 
In other metals, silver fell 1.5 percent to $14.76 per ounce. Platinum was down 0.9 percent, to $887.46 per ounce, having hit a two-week high of $911.75 in the previous session. 

Palladium fell 0.4 per cent to $1,381.02 per ounce, after falling as much as 3.5 percent in the previous session.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Commodity MarketDollar IndexDollarWTI
RELATED NEWS
Gold plunges Rs 694; silver up Rs 126 Gold plunges Rs 694; silver up Rs 126
Gold Price Outlook: Yellow metal to touch $1,320 per ounce by July end, say COMEX experts Gold Price Outlook: Yellow metal to touch $1,320 per ounce by July end, say COMEX experts
Gold rush: Weak dollar, uncertainty in global markets may fuel future gold rate Gold rush: Weak dollar, uncertainty in global markets may fuel future gold rate
Money making idea: Should you buy Gold? 54% gains expected in three months, experts give thumbs up Money making idea: Should you buy Gold? 54% gains expected in three months, experts give thumbs up
Gold shines on weak dollar, Fed chief's dovish tone on rate hike Gold shines on weak dollar, Fed chief's dovish tone on rate hike

LATEST NEWS

Mid-cap Picks with Anil Singhvi: GATI, Swaraj Engines, Bharat Dynamics are Sacchitanand Uttekar recommendations today

Easy Trip Planners IPO date: Axis Capital highlights - face value, price band and much more

Gold Price Today 3-03-2021 –Gold cheaper by Rs 4600 in 2021, Silver by Rs 766; time to buy gold NOW expert says

Lincoln Pharmaceuticals revenue is likely to grow by 10% in FY21: Mahendra Patel, MD

Gujarat Election Result: Another big win for BJP, defeat for Congress! Check latest seats update in local body municipal, panchayat and taluka polls

Gold price today and much more: Consolidation likely in Rs 45200- Rs 46200 levels - Latest updates by ICICI Securities

Indian Army Recruitment Rally 2021: Sepoy D Pharma category closes today: 19 to 25 year old candidates can apply; Hurry!

MTAR Technologies IPO Review: Invest for BIG listing gains and long term view, Market Guru Anil Singhvi says - know about valuations, risks

7th Pay Commission latest news today: DA hike, DR benefit, arrears, ease in LTC — updates that central government employees just cannot miss

Delhi MCD Election 2021 Results LIVE Updates: AAP leading in four wards, Congress in one

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved