Gold price was littIe changed as investors consider the strengthening of the dollar and the alleged rise in demand for the metal from India.
The dollar index, which tracks the greenback against a basket of currencies, was up 0.3%, to 88.60. A stronger dollar usually exerts pressure on the gold price. Gold prices are denominated in dollars, so that the metal becomes less attractive.
Meanwhile, the seasonal demand for gold in India since the beginning of the season of festivals is growing, according to Commerzbank AG.
“At the end of this month will be the feast of Diwali and Dhanteras. Both are important in the Hindu tradition, and at that time people used to give gold”.
India and China are two of the world’s largest gold-consuming countries.
The cost of December futures for gold on COMEX is trading in the range of $ 1261.7 – $ 1268.8 per ounce.
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