Gold On MCX Settled Up 0.09% At 31939 As The Dollar Fell

Gold on MCX settled up 0.09% at 31939 as the dollar fell after data suggested an acceleration of U.S. growth was driven by temporary factors that are likely to reverse in the coming quarters.

Even strong data out of U.S. was unlikely to change the U.S. Federal Reserve’s monetary strategy.

Major central banks are done tightening policy as the global growth outlook has softened across developed and emerging economies, with scant prospects for a surge in inflation.

The view is supported by a recent slashing of its growth outlook by the Bank of Canada and a disclosure from the Bank of Japan that it will keep interest rates super-low for at least one more year.

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