Gold declines on firm dollar

Gold today declined as the dollar strengthened despite investors and central banks increased bullion holdings.

November 21, 2012 / 17:23 IST

Gold today declined as the dollar strengthened despite investors and central banks increased bullion holdings.

Gold fell by USD 2.20 to USD 1,725.90 an ounce and silver by 0.57 per cent to USD 33 an ounce, after reaching USD 33.25 yesterday, the highest since October 18.

Also read: Gold loses Rs 50, silver ends flats

The US Dollar Index, a measure against six major trading partners, gained after European finance ministers failed to agree on a debt-reduction package for Greece.

Gold held in exchange-traded products rose to a record. Holdings in gold-backed exchange-traded products rose 0.7 tonnes to a record 2,604.9 tonnes.

Assets and prices gained this year as central banks from the US to Asia took steps to bolster economies.

first published: Nov 21, 2012 05:20 pm

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