SME Times is powered by   
Search News
Just in:   • Adani Group to invest Rs 57,575 crore in Odisha  • 'Dollar Distancing' finally happening? Time for India to pitch Rupee as credible alternative: SBI Ecowrap  • 49% Indian startups now from tier 2, 3 cities: Jitendra Singh  • 'India ranks 3rd in global startup ecosystem & number of unicorns'  • LinkedIn lays off entire global events marketing team: Report 
Last updated: 07 Aug, 2015  

Gold-with-up-arrow.jpg Gold up on weak US dollar, falling stocks

Gold.9.jpg
   Top Stories
» 49% Indian startups now from tier 2, 3 cities: Jitendra Singh
» 'India ranks 3rd in global startup ecosystem & number of unicorns'
» Tripura exported over 9K tonnes of pineapples in 2 years
» CPI inflation eases to 6.71% in July, IIP falls to 12.3%
» Rupee depreciates 12 paise to close at 79.64 against US dollar
SME Times News Bureau | 07 Aug, 2015
Gold futures on the COMEX division of the New York Mercantile Exchange rose on a weaker US dollar.

The most active gold contract for December delivery rose $4.5 US, or 0.41 percent, to settle at 1,090.10 dollars per ounce on Thursday, Xinhua reported.

Gold was given support as the US Dollar Index fell by 0.08 percent to 97.82 as of 7 p.m. GMT. The index is a measure of the dollar against a basket of major currencies.

Gold and the dollar typically move in opposite directions, which means if the dollar goes up, gold futures will fall as gold, measured by the dollar, becomes more expensive for investors.

Gold also found some support from haven buying from investors as US stocks fell sharply.

Traders are also waiting for the US department of labour to release the scheduled jobs report on Friday. This report is likely to set expectations for the timing of the US central bank's interest rate increase.

An increase in the Fed's interest rate drives investors away from gold and towards assets with a return, as the precious metal bears no interest.

There has not been an increase in the Fed's interest rate since June 2006, before the beginning of the American financial crisis.

Silver for September delivery added 12.4 cents, or 0.85 percent, to close at 14.677 dollars per ounce. Platinum for October delivery rose $5.1, or 0.54 percent, to close at $956.00 per ounce.

 
Print the Page Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 13 Aug, 2022
  Daily Poll
PM Modi's recent US visit to redefine India-US bilateral relations
 Yes
 No
 Can't say
  Commented Stories
» GIC Re's revenue from obligatory cession threatened(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter