Gold Declined By 0.66 Percent On Monday To Close At $1270.7 Per Ounce

Spot gold declined by 0.66 percent on Monday to close at $1270.7 per ounce while Indian markets were closed on 2nd October on account t of Gandhi Jayanti. MCX gold prices declines by 1.2 percent last week to close at Rs.29557 per 10 gms.

Stronger dollar on account of good economic data from the US coupled with expectations that the US FED will push the button for the rate hike this December led to the fall in gold prices in the recent weeks.

The euro also came under pressure after Spanish police used batons and rubber bullets to thwart an independence vote in Catalonia on Sunday, leaving hundreds injured. The single currency was down 0.6 percent versus the dollar on Monday.

Speculators cut their net long positions in COMEX gold and silver contracts in the week to Sept. 26, further exerting downside pressure on gold.

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