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India Business News: Gold prices decline due to rise in dollar index; MCX February gold futures perform poorly. Experts suggest selling gold due to decline in investor int
The dollar index (DXY) was trading slightly lower at 102.90 against a basket of six top currencies, up by 0.50 points or 0.49%. It has appreciated 0.32% over the past five trading sessions.
Gold traded in the green on Monday in the early trade extending gains for the third straight session riding on tension in the Middle East. The Dollar Indexs (DXY) weakness further aided its cause with the US producer price data last week renewing bets for an early rate cut by the Federal Reserve and thus triggering a slide in the greenback.
Taking cues from the international market, MCX February gold futures were trading in the green. They were hovering around Rs 62,209 per 10 grams, up by Rs 421 or 0.68% from Thursday's closing price. Meanwhile, the March Silver futures were trading at Rs 71,897 per kg, higher by Rs 543 or 0.76%.
"The dollar index has recovered from lower levels after FOMC minutes stated that the time of interest rate cut is not yet confirmed. We also see thin demand for gold and silver in the physical markets," Anuj Gupta, Head-Commodity & Currency, HDFC Securities said.