Gold inches up as dollar slips amid U.S. rate hike

India Infoline News Service | Mumbai | March 20, 2017 11:04 IST

Gold ingots
Gold prices inched up in Monday’s trading session as the dollar stayed subdued, finding support from U.S. Fed’s conservative guidance of a gradual rate hike in U.S.   

At 0100 GMT, Spot Gold inched up by 0.2 % to $ 1231.05 per ounce.

U.S. Gold Futures stood at $1230.80.

Dollar index was down by 0.1% to 100.230.

World’s largest gold-backed exchange-traded fund, SPDR Gold Trust slipped 0.35% to 834.10 tonnes on March 17, 2017.

In China, this week, gold premiums rose, as traders informed that the supply of gold was limited due to import restrictions, levied for stemming currency outflows.

The recently concluded G-20 Meet between Finance Ministers of world’s 20 biggest economies, discussed about competitive devaluations and disorderly forex markets, but failed to yield a compromise.