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 dips on profit taking after touching seven-week high

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Tue, Aug 01, 2017
03:39 pm
Reuters

Gold prices edged down from the highest levels in almost seven weeks on Tuesday as the dollar rose and investors locked in profits from bullion`s rally last month.

Spot gold dipped 0.1 percent to $1,267.52 per ounce by 0945 GMT. It rose 2.2 percent last month, its biggest monthly gain since February.

U.S. gold futures for August were unchanged at $1,266.60 per ounce.

"In the short term there are technical indications that gold is overstretched, and when we`ve had a move of nearly three weeks of straight gains there`s danger of profit taking," said analyst Jonathan Butler at Mitsubishi in London.

At its peak on Monday, gold had gained about $66 since rebounding from a near four-month low of $1,204.45 on July 10.

The dollar edged up against a trade-weighted currency basket on Tuesday, but held close to a 14-month low as investors added to bets that political turmoil in Washington will hit prospects of another Federal Reserve rate hike in coming months.

A firmer dollar makes commodities such as gold that are priced in the greenback more expensive to buyers outside of the United States.

Butler said despite any short-term correction, gold was poised to move higher.

"Yesterday for the first time on a monthly close, gold broke above a downtrend that had prevailed since the high in 2011. This is quite a bullish technical signal and potentially demonstrating the start of a new trend."

Political instability in the United States after President Donald Trump ousted recently hired White House communications chief Anthony Scaramucci on Monday could support gold in coming months, Butler added.

Gold is often used as an alternative investment during times of political and financial uncertainty.

Investors are also looking ahead to the U.S. non-farm payrolls data later this week and how that will affect the dollar, according to Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong.

In other precious metals, silver rose 0.1 percent to $16.79 per ounce. It hit an over one-month high in the previous session and rose 1.3 percent in July.

Palladium gained 0.6 percent to $888.50 per ounce, after it hit a near seven-week high of $897.05 in the previous session. It rose almost 5 percent in July.

Platinum climbed 0.6 percent to $941.40 per ounce, after rising to $943.80, the highest since June 14. It rose almost 5 percent in July, in what was its first monthly gain since February.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

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:

LATEST NEWS

CBSE Board Exam 2021 Latest News: Class 10, 12 students alert! Controller Dr. Sanyam Bhardwaj says this

Vakeel Saab Collection: Blockbuster! Pawan Kalyan comeback movie sets box office on fire!

Mentor Connect: Amazon India launches mentor programme for startups, emerging brands

Upstox customers alert! Very important security breach message for you from your broking firm

Amazing investment strategy to enjoy life after retirement! This is the right approach to achieve solid financial stability

Air Bubble agreement: Finalised! Travel between India, Sri Lanka to become easier - Here is how

Lockdown in Delhi? CM Arvind Kejriwal confirms this after review meeting

FDI Limit in Pension Sector: Modi government may do this soon - All you need to know

PM Narendra Modi says 'Tika Utsav' beginning of second big war on COVID-19

Earthquake hits this region of Madhya Pradesh

  • 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