MCX Gold Tanks Under Rs 31000, Dollar Index Near Six Month High

Gold slipped further in Asia today, starting the week on a dismal note as the sentiments remained weak for the metal after the break under $ 1300 per ounce. The metal slipped near $ 1281 per ounce, marking another fresh five month low amid continued firmness in US dollar and weak Indian demand. Indias Gold imports stood at Rs 16930.91 crore in April 2018, recording a slide of nearly 32% over year. This continued slide in the Indian imports is causing a great worry for the metal amid the steady uptick in US dollar.COMEX Gold is currently trading at $ 1281 per ounce, down 0.73% on the day. MCX Gold futures fell under Rs 31000 per 10 gram levels and currently trades at Rs 30935 per 10 grams, down 0.50% on the day. The US dollar index is quoting at 93.91, up 0.35% on the day, consolidating around its 6 month high. US economic cues remain supportive for the currency. The Atlanta Federal Reserves GDPNow model has forecast 4.1% growth for the second quarter, the strongest in nearly four years. Rising US bond yields are also keeping the greenback firm.