Gold prices fall on stronger USD, rise in stocks

Singapore (Aug 19)  Global gold prices fell today owing to a stronger US dollar as well as an uptick in equities.

 Stocks rose as major central banks indicated that they would provide greater stimulus to revive the economy.

Spot gold was down 0.3% at $1,509.13 per ounce.

US gold futures fell 0.3% to $1,518.70 per ounce.

The dollar index, against a basket of six major currencies, was close to a two-week high on August 16.

Spot gold has gained 19% so far this year owing to escalating risk aversion over the ongoing China-US trade war as well as monetary easing by central banks.

 SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.10% to 843.41 tonnes on August 16.

Back home, MCX Gold (4-Oct expiry) fell 0.39% to Rs37,794/10gm.

HFLnews