Gold falls down to 5-month low, Rupee plunges sharply, the metal swings

goldCommodity Exchange Gold futures fell down to five month low under tremendously volatile sentiments pressured by a stronger US dollar and expectations the Fed Reserve will lift up interest rates in December. Spot gold was down 0.6 percent at USD 1,218.90 while the metal fell to the extent of 1% to USD 1,213.15 an ounce earlier in the session.

Rupee plunged sharply against the dollar on today (15 Nov. 2016) owing to the American currency’s strengthen overseas along with a lower opening of the domestic equity market.

The domestic currency opened at Rs. 67.53 against the USD and dropped to a low of 67.735 so far during the day. In the spot currency market, the Indian unit was last seen trading at 67.705.

The metal moves to and fro to a 7-week high near USD1340 per ounce but dropped sharply after Donald Trump raced to an upset win.

Sell off in crude oil restarted since the prices fell again on Monday. Crude Oil settled at INR 2,919 per barrel, down 1.15%. A high of INR 2,940 per barrel was observed during the day, when INR 2,879 per barrel was registered as low.

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