Gold rises as investors await outcome of UK election 06/06/2017

Gold rises as investors await outcome of UK election
06/06/2017

Gold futures closed higher in the domestic market on Monday as global markets absorbed weekend terrorist attacks in London and investors awaited the outcome of the European Central Bank meeting and U.K. general election later this week. Economic figures can sway expectations on the pace of U.S. interest-rate hikes this year, though a June hike is still seen as a strong likelihood. Higher interest rates tend to push investors into assets that offer a yield, which gold doesn’t. At the MCX, gold futures for June 2017 contract ended at Rs 29064 per 10 grams, up by 0.67 per cent, after opening at Rs 29,074 against a previous close of Rs 28,871. It touched the intra-day high of Rs 28,080.

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