Price
of Gold advanced on Wednesday 4th October 2017, after hitting a 7-week low in
the last session, sustained as the USD pulled back from 45-days high against a
basket of currencies. At the morning hours, spot gold had risen 0.3% to USD 1,275.34
per ounce and touched its lowest since middle August at USD 1,267.76 on
Tuesday.
As per
economic point of view, the price of Gold has steadied in last one day, with a hindering
US dollar contributing to the move. Further, Long liquidation throughout last fourteen
days has put gold on a more sound footing. However, the dollar on Wednesday
shed gains against a basket of main currencies over assumption that Donald
Trump’s choice for the next US Fed Reserve chair may not be so aggressive against
previously forethought.
Among
other precious metals, silver rose 0.8% to USD 16.72 an ounce. Palladium jumped
0.7% to USD 921 an ounce while Platinum was 0.5% higher at USD 912 an ounce.
Meantime,
Indian rupee made stronger against the USD ahead of the RBI bi-monthly policy
outcome due late hours on Wednesday. The rupee opened at 65.34 per USD and
was trading at 65.35 v/s dollar, up 0.24% from its last day’s close of 65.50. So
forth this year, the domestic currency has gained 4%, while FPIs have bought USD
5.51 billion in equity market and USD 20.05 billion in debt market.
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