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Gold futures lose weight as dollar firms up

 


NEW DELHI: Gold futures lost ground on Monday, dampened by lower demand at the spot market.

In global markets, a stronger dollar robbed gold of its appeal to an extent.

According to Reuters, SPDR Gold Trust saw outflows for five straight sessions last week. The dollar index hovered near more than 1-month high hit in the previous session.

A strong dollar means gold prices will depreciate as the commodity becomes dearer in other currencies, causing a fall in its demand.

Silver too fell on reduced orders from industrial units and coin makers.

The MCX Gold was trading at Rs 33,155 per 10 grams, down by Rs 87, while MCX Silver was Rs 85 lower at Rs 40,020 a kg around 11.15 am.





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