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Gold declines in strengthening of US$

The strengthening of the US dollar and the slight reduction in global recession concerns have resulted in a decline in gold prices.

"The recent decline in gold prices (5.4 per cent from an all-time high) can be attributed to a slight reduction in global recession concerns and the strengthening of the US dollar. Additionally, with the possibility of an interest rate hike in the US, this trend may persist," Anil R, a Research Analyst, said.

At Comex, gold prices consolidated within a range on Thursday, trading down by 0.09 per cent at $1,924 per ounce.

Gold August future contract at MCX is trading marginally up by 0.05 per cent at Rs 58,495 per 10 gm

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