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Gold inches lower on firmer dollar

November 09, 2018 00:00:00


BENGALURU, Nov 08 (Reuters): Gold prices inched lower on Thursday on the back of a stronger dollar as investors digested the US midterm election results and turned their focus to the Federal Reserve's monetary policy decision due later in the day.

The Fed is not expected to raise interest rates until its next gathering in December, however market participants are waiting to see whether it offers clues about possible rate increases in December and in 2019.

Higher US interest rates tend to boost the dollar and also push up bond yields, reducing the appeal of non-yielding bullion.

"Gold has found support around $1,223. If we see good news from the Fed, we may see a bounce. But for now, we think the Fed will continue with the monetary policy tightening," said Benjamin Lu, a commodities analyst with Phillip Futures.

Spot gold was down 0.2 per cent at $1,223.70 per ounce, as of 0410 GMT, while US gold futures fell 0.3 per cent to $1,224.7 per ounce.

The dollar index, which measures the greenback against a basket of six major currencies, traded in a narrow range and was last up 0.2 per cent, having touched a more than two-week low in the previous session.


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COMPANY YCP HIGH LOW CLOSE %CHG
ORIONINFU 53.4 58.7 53.6 58.7 9.9251%
SKTRIMS 39.3 43.2 40.0 43.2 9.9237%
JMISMDL 183.6 201.9 182.6 201.3 9.6405%
WATACHEM 445.9 484.9 449.8 484.9 8.7464%
GEMINISEA 309.0 336.0 295.0 336.0 8.7379%
ARAMIT 384.8 418.4 385.0 418.4 8.7318%
SONALIANSH 359.9 391.3 365.0 391.3 8.7246%
KOHINOOR 415.9 452.2 412.6 452.1 8.704%
UPGDCL 275.7 299.8 278.0 298.6 8.3061%
AL-HAJTEX 77.1 84.0 76.3 82.9 7.5227%
COMPANY YCP HIGH LOW CLOSE %CHG
AMBEEPHA 610.0 610.0 539.0 552.0 10.5072%
GEMINISEA 336.0 336.0 295.0 305.1 10.1278%
ORIONINFU 58.7 58.7 53.6 53.7 9.311%
JMISMDL 201.8 201.9 182.6 185.0 9.0811%
ARAMIT 418.4 418.4 385.0 385.0 8.6753%
SHEPHERD 40.3 41.6 37.3 37.3 8.0429%
SKTRIMS 43.2 43.2 40.0 40.0 8%
KOHINOOR 452.2 452.2 412.6 418.8 7.9752%
WATACHEM 484.9 484.9 449.8 450.0 7.7556%
SINOBANGLA 51.5 51.5 47.8 47.8 7.7406%
COMPANY YCP HIGH LOW CLOSE %CHG
BXSYNTH 7.0 7.5 6.3 6.4 -8.5714%
KDSALTD 60.3 58.0 54.6 55.7 -7.6285%
MLDYEING 45.1 48.2 41.6 42.0 -6.8736%
TOSRIFA 24.9 26.3 23.0 23.4 -6.0241%
MEGCONMILK 25.2 25.0 23.4 23.7 -5.9524%
STANDARINS 27.3 27.8 24.6 25.7 -5.8608%
FEKDIL 16.4 16.8 15.2 15.5 -5.4878%
HAKKANIPUL 70.6 71.6 66.0 67.0 -5.0992%
SONARGAON 19.7 19.9 18.2 18.7 -5.0761%
ASIAPACINS 20.1 20.4 18.8 19.1 -4.9751%
COMPANY YCP HIGH LOW CLOSE %CHG
BXSYNTH 6.7 7.5 6.3 7.5 -10.6667%
TOSRIFA 23.5 26.3 23.0 25.8 -8.9147%
MLDYEING 42.0 48.2 41.6 46.0 -8.6957%
SPCERAMICS 14.2 15.4 14.1 15.4 -7.7922%
SONARGAON 18.4 19.9 18.2 19.8 -7.0707%
FEKDIL 15.4 16.8 15.2 16.4 -6.0976%
MEGHNAPET 16.0 17.5 15.4 17.0 -5.8824%
GQBALLPEN 69.1 73.4 68.5 73.4 -5.8583%
EMERALDOIL 9.7 10.4 9.7 10.3 -5.8252%
HAKKANIPUL 66.8 71.6 66.0 70.7 -5.5163%