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Gold rates under pressure as US $ hits six-month high

On account of US dollar climbing to six month peak, gold prices pared much of its previous week gains. The precious yellow metal price ended ₹91 per 10 gm lower at ₹58,907 levels on Friday whereas spot gold price finished around $1,918 per ounce levels. Likewise, silver price on MCX finished at ₹71,538 per kg levels whereas silver price in international market ended at $22.91 per ounce levels

According to commodity market experts, gold rates today are under pressure due to upswing in the US dollar against major global currencies. US dollar index has climbed above 105 levels and it has been sustaining above this levels. They said that US dollar has gained strength due to resilience in the US economy.

However, they maintained that weak Chinese economy and the downward revision of Japan's second-quarter GDP may lend support to gold prices at support levels.

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