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The ICE dollar index, which measures the greenback against a basket of six other currencies, edged higher to 81.060, up from 81.039 in late North American trade Thursday.
The U.S. dollar was buying 81.00 yen, after dancing back and forth across that level, but down from ¥81.19 late Thursday. The euro was fetching ¥103.44, easing from ¥103.74, while the Australian dollar dropped to ¥83.57 from ¥83.84.
But week-to-date, those three currencies — as well as many other regional and global currencies — were still up more than 1% against the yen at their current levels, thanks to the beating the Japanese unit received following comments made by Liberal Democratic Party leader Abe this week.
Abe said on Thursday that the Bank of Japan should pursue “unlimited easing” to achieve an inflation target of 2% to 3%. He also said the central bank should look to cut the interest rate paid on deposits from commercial banks, advocating negative interest rates via a fee on such deposits.
Gold for December delivery is trading up 4 cents at $1,714.2 an ounce in electronic trading on the Comex division of the New York Mercantile Exchange. It lost $16.30, or 0.9%, to $1,713.80 an ounce in regular Nymex trading Thursday after a report from the World Gold Council indicated that demand for the metal weakened in the third quarter.
MCX December gold futures are trading down Rs 2 at Rs 31454 per 10 grams. It may face a resistance near Rs 31520 levels and find support near Rs 31400 levels.
Posted in: Commodity Copper News,Commodity Gold Updates,Commodity-Tips-Advisory,Gold Updates
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