Strong dollar pushes yellow metal down

Strong dollar pushes yellow metal down

Extending its support to oil prices, gold rates edged down in the early trades on Wednesday in Asia. Also, the hopes of the US Congress passing stimulus package are getting slimmer, and dollar price gaining strength led to gold plunging from its previous position. 

 

Gold futures rolled down to $1,909.30, a loss of 0.14 per cent by 4:30 AM GMT. However, it remained above the benchmark of $1900. 

 

Reportedly, POTUS Donald Trump stated that there were no chances of the measures getting initiated before the presidential elections in the US. 

 

Meanwhile, China witnessed a six-month rise in demand for gold imports in September. Notably, the SPDR Gold Trust holdings climbed to 1,266.72 tons, rising 0.23 per cent on Tuesday. 

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