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HOME / MARKET TODAY / COMMODITIES / NEWS STORY

Gold dips on strong US dollar
05 Oct 2016
Gold futures closed lower in the international market on Tuesday as the dollar continued to flex its muscle against leading rivals, the pound in particular, cutting demand for commodities priced in the U.S. currency.

The prospect for higher U.S. interest rates is typically a negative for gold, which is snubbed in favor of asset classes that offer a yield that precious metals don’t. What’s more, higher interest rates can boost the dollar and dull demand for dollar-denominated commodities, including gold. That means gold and the dollar often move inversely.

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USD
67.52 

EUR
71.23 

GBP
84.75 

AED
18.34 

AUD
50.26 

BHD
179.15 

CAD
51.21 

CHF
66.29 

CNY
9.78 

DEM
39.31 

DKK
9.58 

FRF
11.72 

HKD
8.71 

IQD
0.06 

ITL
0.04 

JPY
0.59 

KWD
221.23 

OMR
175.12 

PKR
0.64 

QAR
18.54 

SAR
18.01 

SEK
7.35 

SGD
47.18 

ZAR
4.88 

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