Peter Gervas
Peter Gervas
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Peter Gervas
manijeh alizadi ghahveh
Gold up on softer dollar; India budget eyed
Gold edged up for a second session on Thursday as the dollar weakened after minutes of the Federal Reserve's recent policy meet gave no indication of when U.S. interest rates will rise.
Markets were also eyeing developments in India, the world's No.2 gold consumer after China, where the new government is expected to cut a record high import duty on the precious metal at the fiscal budget to be presented later in the day.
Spot gold rose 0.3 percent to $1,329.45 an ounce by 0332 GMT, after gaining 0.5 percent in the previous session, aided by the dollar that hit a one-week low against a basket of major currencies.
Read More These 3 charts tell you to buy gold: Top pro
A weaker dollar makes commodities priced in the greenback attractive for holders of other currencies.
Gold had come under pressure after last week's strong U.S. jobs report that stoked speculation of an early hike in rates, but the Federal Reserve gave no such indications, according to the minutes from the June meeting.
Higher rates would encourage investors to withdraw money from non-interest-bearing assets such as gold.
"If gold can break resistance at $1,335, then it can go all the way to $1,380," said a precious metals trader. "The weaker dollar after the Fed minutes is helping."
Gold edged up for a second session on Thursday as the dollar weakened after minutes of the Federal Reserve's recent policy meet gave no indication of when U.S. interest rates will rise.
Markets were also eyeing developments in India, the world's No.2 gold consumer after China, where the new government is expected to cut a record high import duty on the precious metal at the fiscal budget to be presented later in the day.
Spot gold rose 0.3 percent to $1,329.45 an ounce by 0332 GMT, after gaining 0.5 percent in the previous session, aided by the dollar that hit a one-week low against a basket of major currencies.
Read More These 3 charts tell you to buy gold: Top pro
A weaker dollar makes commodities priced in the greenback attractive for holders of other currencies.
Gold had come under pressure after last week's strong U.S. jobs report that stoked speculation of an early hike in rates, but the Federal Reserve gave no such indications, according to the minutes from the June meeting.
Higher rates would encourage investors to withdraw money from non-interest-bearing assets such as gold.
"If gold can break resistance at $1,335, then it can go all the way to $1,380," said a precious metals trader. "The weaker dollar after the Fed minutes is helping."
Peter Gervas
Sergey Golubev
Comment to topic Traders Joking
" This is one more piece of advice I have for you: don't get impatient. Even if things are so tangled up you can't do anything, don't get desperate or blow a fuse and start yanking on one particular
