Yellow metal loses shine on US dollar strength

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Gold futures were trading lower during afternoon trade in the domestic market on Monday as investors and speculators remained on the sidelines in the precious metal on strength in the US dollar, against a basket of other currencies, amid a smooth meeting between the US President Donald Trump and Japanese Prime Minister Shinzo Abe that saw no mention of currency policy.
At the MCX, gold futures for April 2017 contract is trading at Rs 29141 per 10 grams, down by 0.11 per cent, after opening at Rs 29120, against a previous close of Rs 29173. It touched the intra-day low of Rs 29081
               Trading Ideas
  • Gold trading range for the day is 28822-29380.
  • Gold prices recovered from lows to end with gains as the U.S. dollar and Treasury yields came off their highs.
  • U.S. economic data has also stoked talk that the Federal Reserve would press ahead with U.S. interest rate hikes sooner rather than later.
  • SPDR gold trust holdings gained by 0.50% i.e. 4.14 tonnes to 836.72 tonnes from 832.58 tonnes.

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