Check Services
Futures on Your Mobile
Log on to Bazaar Bhaav
Get Futures Prices
Exchange Spot Rates
SINGAPORE (Commodity Online) : Gold prices dropped in Asian trade Monday, after hitting new highs last week, mainly on a rising dollar and falling equities.
Gold for immediate delivery was seen trading at $1049.75 an ounce at 11.30 a.m Singapore time. Earlier it fell as much as 0.5 percent to $1,048.38 an ounce.
Start trading in commodities from as low as $50. Join now
U.S. gold futures for December delivery were at$1,050.90 per ounce, down about 0.1 percent.
The Dollar Index, a six-currency gauge of the greenback’s strength, climbed for a second day amid weaker Asian equity markets and on speculation European finance ministers will discuss gains by the euro at a meeting Monday.
Oil also declined as the stronger dollar reduced the investment appeal of physical assets investors have been buying as a hedge against inflation.
Gold prices, which have risen on an annual basis for eight straight years, touched a record $1,070.80 an ounce on Oct. 14. The metal jumped 19 percent this year as a weaker dollar and rising government debt spurred inflation concerns.
Meanwhile, The world's largest gold-backed exchange-traded fund, the SPDR Gold Trust said its holdings stood at 1,109.314 tonnes as of Oct. 16, unchanged from the previous business day.
Among other precious metals, silver fell 0.8 percent to $17.33 an ounce, platinum eased 0.2 percent to $1,340.25 an ounce and palladium gained 0.2 percent to $329.75 an ounce.
