US gold futures fell 0.2 per cent to $1,834.20 per ounce.
Spot gold was flat at $1,778.60 per ounce by 0930 GMT, after falling about 0.8% in the previous session. US gold futures were steady at $1,777
India is not using currency to gain unfair advantage
The commerce secretary said he expects robust growth in exports in the current fiscal year
Anup Wadhawan asserts RBI is not accumulating reserves and its activity in forex market is 'perfectly balanced'
Traders are concerned that the rupee's tailwinds could start fading. Rising commodity prices may push the current-account into a deficit in the fiscal year that started in April
Banks had informed RBI on surge in carry trade at a meeting last week
Against a basket of its rivals, the dollar steadied at 92.810, just below a November 2020 high of 92.92 hit last week
The dollar index climbing above 92 and firmness in US 10-year bond yield impacted sentiments which may be seen as profit-booking since FPIs are sitting on huge profits, says an analyst
Spot gold was trading at 1,729.20 an ounce, down 2.39 per cent, in international market at 9 pm IST - the lowest since June 26 at $1,755.45
(Reuters) - Gold edged lower in choppy trade on Tuesday as the dollar recovered ground lost in the immediate wake of comments from U.S. Federal Reserve Chairman Jerome Powell, who said the economic recovery was "uneven and far from complete."
"The dollar has rebounded from Wednesday's low, that's putting some pressure on precious metals. Low liquidity due to Chinese new year holiday is also weighing on the prices," said DailyFX strategist
Mounting coronavirus cases and caution ahead of the U.S. Federal Reserve's policy meeting this week also dulled appetite for risk
They are joining borrowers globally that have been rushing to credit markets, after yields crashed following cash-boosting measures
Gold inched higher on Wednesday as the dollar eased, while investors weighed a top US Republican leader's decision to postpone a vote on increased pandemic relief payments
Subdued global markets and a flat rupee capped the gains, analysts said
Higher crude oil prices also put pressure on the Indian currency
Two Goldman Sachs Group Inc money-market funds, whipsawed in March by billions of dollars of investor withdrawals, have steadily amassed a liquidity cushion much larger than rivals
The precious metal had stormed almost $40 higher at one point to reach $1,980 an ounce, only for a wave of selling to slap it back to $1,940 in wild trade
A thinly traded market is compounding the problem for the rupee