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Wednesday, 5 November 2014

Free Mcx Market Tips; Gold rises as dollar drops

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Today in Mcx Market Gold dipped for a fifth session in six on Wednesday, flirting with a four-year low as a strong dollar kept investors away from the safe-haven asset and physical demand failed to provide underlying support.    Underscoring the lack of interest in bullion, holdings in SPDR Gold Trust, the top gold-backed exchange traded fund, slumped to a fresh six-year low.
Spot gold fell 0.4 percent to $1,163.40 an ounce by 0350 GMT, after snapping a four-day decline on Tuesday with a 0.3-percent rise. The metal on Friday fell to its lowest since 2010 at $1,161.25. Silver was also close to a four-year low, easing about 1 percent.
Gold rose on Tuesday, snapping a four-session losing streak, boosted by a drop in the dollar index and expectations of Asian physical demand following bullion's tumble to a four-year low.
Asian shares eased, while the dollar nursed modest losses early on Wednesday as investors decided to take some profits on a four-session rally that swept the greenback to multi-year highs against the yen and euro. The dollar has been an investor favourite recently, hitting a four-year high against a basket of major currencies earlier this week.

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