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Rising dollar, S&P downgrade to provide direction to commodities

Posted on 11 October 2012

The threat of S&P downgrade and a rising dollar will continue to sway commodities across the board in the domestic market on Thursday. With Spain worries leading to further fall in the euro against the dollar, the rupee is likely to decline further. A rising dollar will make gold imports costly and hence, gold could continue to gain.
Gold has been gaining in the domestic market with the fall in the rupee this week. In New York, spot gold closed lower at $1,762.90 an ounce………………………………………..Full Article: Source


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