Gold prices fall on strong dollar- Star India market Research

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Gold prices dipped on Thursday, pulled down as the dollar remained strong following comments from Federal Reserve Chairman Jerome Powell that fanned concerns of faster-than-expected hikes in US interest rates.


FUNDAMENTALS

* Spot gold was 0.2-per cent lower at $1,315.36 an ounce at 0106 GMT. Prices have fallen about 1 per cent so far this week.

* US gold futures were down 0.1 per cent at $1,316.7 per ounce.

* The dollar index , which measures the greenback against a basket of major currencies, was up 0.1 per cent at 90.716. It had earlier touched its highest since Jan. 19 at 90.744.

* The US currency, which in February recorded its best monthly performance since November 2016, has been bolstered by Powell's hawkish stance on the US economy that fuelled expectations of interest rates being raised four times this year rather than three.



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