Gold futures declined during the Asian trading hours in New York after the yellow metal touched a 7 week high of $1,739 an ounce during the last week. Strong dollar has arrested buying power of foreign investors in the global market.
Gold, which is considered to be a safe haven asset by traders, had touched $1,920 an ounce in the late last year, when the fears over the growth of world biggest economies escalated.
The yellow metal is likely to follow the trend of previous rally once again. Experts expect the gold will rally to $1,780 an ounce before March. Gold rally was happened in the last week in the absence of Chinese participation.
Chinese markets were closed during the last week on account of Long Lunar New Year holiday. The biggest gold buyer in the global market, China is expected to increase its buying in the global market this week.
At 11:55 hrs, Gold was seen $1,734 an ounce, declined 2 dollar in New York Mercantile Exchange. Strong dollar had limited buying interest of investors in the global market.
At the same time, in the domestic market. Gold futures was trading at Rs.28,000, up marginally by 0.04% from the previous close. Internal demand from Jewellers had boosted up market sentiment of gold on the Multi Commodity Exchange.
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