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- Gold price traded higher today
Gold price traded higher today
Gold moderately risen in price on Tuesday, helped by growth in physical demand from India. However, the strengthening of the US dollar and the rising expectations of a Fed hike constrained the upward movement of the precious metal.
"The basic demand for the precious metal remains stable. In addition, a positive impact had fundamental factors, such as the stimulating monetary policy of central banks in Europe and Japan." - ANZ analyst Daniel Hynes said.
The US Dollar Index, showing the US dollar against a basket of six major currencies, traded with an increase of 0.3%, close to the highest level since the beginning of March. Since gold prices are tied to the dollar, a stronger dollar makes the precious metal more expensive for holders of foreign currencies.
The cost of the November futures for gold on COMEX rose to $ 1271.9 per ounce.
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