Commodities
MCX Gold Continues Losing Streak as US Dollar Strengthens
Gold futures have been in decline for four consecutive days on the Multi Commodity Exchange (MCX), losing Rs. 833 or 0.55% to Rs. 1,50,466 per 10 grams.
The fall is attributed to a strengthening US dollar and rising Treasury yields, which has made gold less attractive to investors.
Aamir Makda, Commodity & Currency Analyst, Technical Research at Choice Broking, said the negative momentum in MCX gold is due to a stronger US dollar and Treasury yields.
The pressure on gold intensified after strong US private sector employment data raised inflation concerns and strengthened expectations of further interest rate hikes by the Federal Reserve, Makda added.