Gold Rate Reduced in India – V6 Spot Light
Gold prices have dropped to 26,350 levels in India – the lowest in nearly four years. And some analysts say that gold prices could be heading even lower. A weak trend in global markets, strong US economic data and a stronger dollar have been cited for their weak outlook on the precious metal. The rise of the greenback has been one of the big factors behind the plunge in global gold prices. The gains in the greenback negatively impact the price of commodities priced in dollars such as gold, silver and oil. Since gold is a dollar-denominated commodity, it becomes more expensive for buyers in other currencies to purchase the yellow metal when the greenback gains.