INSUBCONTINENT EXCLUSIVE:
A stronger dollar makes gold more expensive for buyers with other currencies.Domestic gold prices declined marginally on Monday, after
rising for past three sessions in a row
Gold prices in Delhi fell by Rs 80 per 10 grams amid lackluster demand from jewellers and weakness in the international market, where the
prices hit their lowest level in a year
Bucking the trend, silver prices made some recovery in the domestic market
Gold prices have been under pressure for past few weeks on the back of strength in the dollar against a group of currencies
A stronger dollar makes gold more expensive for buyers with other currencies
(Read: Five things to watch in gold prices)1
In Delhi, prices of gold of 99.9 and 99.5 per cent purity fell by Rs 80 each to Rs 30,890 and Rs 30,740 per 10 grams respectively, news
agency Press Trust of India reported
Gold prices had gained by a cumulative Rs 170 per 10 grams from July 19 to July 21
Silver prices recovered by Rs 65 to Rs 39,320 per kg in the national capital, according to the agency.2
In the international market, gold prices slipped towards one-year lows as the dollar strengthened further
Spot gold was down 0.1 per cent at $1,230.24 an ounce at 4:34 pm, moving closer to last Thursday's low of $1,211.08, news agency Reuters
Trivedi, research analyst, Bonanza Portfolio
The dollar index languished near the two-week low it hit after US President Donald Trump criticised the Federal Reserve's tightening
policy and accused the European Union and China of manipulating their currencies.4
Global gold prices have tumbled 10 per cent since mid-April, driven lower by a surge in the US currency
The rupee has declined more than 5 per cent against the greenback during this period
On Monday, the rupee closed 2 paise lower against the US dollar at 68.86.5
Meanwhile, banks and brokerages have cut their average gold price forecasts for this year
A poll of 35 analysts and traders conducted this month forecast an average gold price of $1,301 an ounce in 2018 and $1,325 in 2019, from
predictions of $1,334 and $1,352 respectively in a similar poll three months ago.(With agency inputs)
