Bullion Rising dollar, concerns over Fed rate hike keeps prices of yellow metal down

摘要

Strengthening U.S. dollar, concerns over imminent U.S. Fed rate hike and surprising Chinese data release that revealed lesser than expected addition of official gold reserves kept gold prices on downward trend. MCX active gold futures started the month of July at Rs. 26,411 per 10 grams, down by 0.23 percent over previous month's close as an upbeat report on U.S. private-sector hiring and subsequent strength in the U.S. dollar and stock market dulled the metal's safe haven appeal. Significantly, with MCX gold futures prices staying lower all through the month, the opening day's high of Rs. 26,531 eventually emerged as month's high. Internationally too, gold futures at COMEX (CME), the global benchmark exchange, registered their eventual month-high of US$ 1,174.4 on the opening day as well.