Mon, 11 Feb 2013 12:30:15 GMT | By The Hindu Business Line

Rising dollar may dent gold

Gold is likely to come under pressure in the domestic market with most of the Asian markets closed for the Chinese New Year and a rising dollar will add to it


Rising dollar may dent gold (© Reuters)

Chennai: Gold is likely to come under pressure in the domestic market with most of the Asian markets closed for the Chinese New Year. A rising dollar that makes import of commodities such as gold, crude oil and vegetable oils cheaper will add to the pressure.

In early trade in Singapore, gold tended to rise but pared its gains soon after. It was last quoted at $1,667.50 an ounce, while gold futures for delivery in March rose to $1,669. 10. In the domestic market on Saturday, gold for jewellery (99.5 per cent purity) gained to Rs 30,485 for 10 gm, while pure gold (99.9 per cent purity) closed higher at Rs 30,625.

The oils and oilseeds complex is likely to dip after data from the US showed higher stocks of soyabean globally. In particular, the Brazil Government’s report of a record crop will put pressure on the complex.

(Continued)
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