Gold hits fresh highs tracking global cues
Gold hit a record as the dollar continued to weaken while spot prices of gold hit a new high of 18,305 rupees, according to Bombay Bullion Association.
However, in overseas markets gold on Tuesday broke above $1,200 an ounce rising to a new record of $1,218.40.
Meanwhile, commodity and energy prices are mostly priced in dollar so they invariably strengthen when the dollar is on the retreat, particularly against the euro.
On the other hand, by midmorning London time, the dollar was up 0.7% on the day at 87.31 yen while the euro rose 0.2% to $1.51.
Moreover, currency traders are on the lookout to see if the euro can push back up towards last week’’s 16-month high of $1.5144 and if it does so, then it could start to target its all-time highs above $1.60.
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