Commodities » Precious Metals
Spot gold prices closed at $1121.5 after touching a low of $1108.4 on Tuesday
By Amar Singh, Reena Walia Nair (Angel Broking)
MARKET RECAP
Spot Gold prices declined on Tuesday as the strength in the dollar made the yellow metal look unattractive for holders of other currencies. However, gold prices wiped out early losses during the day to close at $1121.5 after touching an intra day low of $1108.4. The dollar index touched a high of 80.82 yesterday.
OUTLOOK
A host of economic data is scheduled to be released by the US authorities in the next two days. Today, the worlds largest economy will release data on crude oil inventories. Crucial data on trade balance, unemployment claims will be released tomorrow. Today, the greenback will take cues from the sentiments in the financial markets. Moreover, lack of financial aid for Greece may also hamper investor sentiments.
Gold prices may continue to be under pressure on the back of a stronger dollar. The yellow metal usually trades inversely to the greenback.
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