Gold gains after Trump`s debt ceiling agreement hurts dollar

Gold clawed higher on Thursday after President Donald Trump agreed a deal with opposition Democrats to temporarily extend the U.S. debt limit, helping to weaken the dollar.

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Continuing tensions with North Korea over its nuclear tests provided further support for safe-haven gold ahead of a meeting of the European Central Bank.

Spot gold was up 0.5 % at $1,339.79 per ounce at 0955 GMT, after easing 0.3 percent in the previous session.

 

U.S. gold futures for December delivery rose 0.4 percent to $1,344.60.

Gold initially fell in response to the deal, but got support on Thursday as investors digested the implications of the deal.

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RBI sets rupee reference rate at 64.027against dollar

RBI_23_9_2013The Reserve Bank of India today fixed the reference rate of the rupee at 64.0276 against the US dollar and 76.3593 for the euro. The corresponding rates were 64.2146 and 76.5438, yesterday. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 83.4664 and 58.70 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quotes at noon. The SDR-rupee figure will be based on this rate, the statement added.

 

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Indian rupee opens higher at 64.03 per dollar

sdThe Indian rupee opened higher by 7 paise at 64.03 per dollar on Thursday versus previous close 64.10.Mohan Shenoi of Kotak Mahindra Bank said, “Rupee has been trading in a very tight range for the past few weeks which is likely to continue. USD-INR trading range for the day is 63.90-64.20.”

 

“Despite lower Indian GDP data and lower US 10-year treasury yields the bond market has not seen any significant movement. Increase in crude oil prices is a dampener. 6.79 GOI 2027 trading range for the DAY 6.49 to 6.53.

 

The dollar lost some ground after edging up against the Japanese yen after getting a boost from trump’s surprise deal with the democrats on extending the debt limit.

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