Gold, silver prices dip on dollar strength, trade talks
Gold declined on India’s Multi-Commodity Exchange on Monday as the dollar strengthened and officials from Washington and Beijing moved closer to a trade agreement. Prices dropped 0.88 percent to 1,22,363 rupees per 10 grams while silver fell 0.77 percent to 1,46,340 rupees per kilogram.
Spot gold decreased 0.7 percent to $4,082.77 per ounce in international markets after senior American and Chinese economic leaders outlined terms for Presidents Donald Trump and Xi Jinping to finalize later this week. The dollar reached a two-week peak against the yen, making bullion costlier for holders of other currencies.
Analysts expect the Federal Reserve to reduce rates by 25 basis points following better inflation data, while the European Central Bank and Bank of Japan will likely maintain current policy. Jigar Trivedi of Reliance Securities forecasts December contracts may slide to 1,22,600 rupees per 10 grams.
