Gold rises on easing dollar demand
23/06/2017
Gold futures closed higher in the domestic market on Thursday as the precious metal tried to clamber off five-week lows struck earlier this week. The closely watched dollar index traded little changed as gold prices closed, lessening the currency-related headwind for commodities priced in the currency, including gold. A stronger dollar tends to make assets pegged to the buck more expensive to buyers using other monetary units. U.S. equities, meanwhile, traded mostly higher after an earlier struggle for direction. At the MCX, gold futures for August 2017 contract ended at Rs 28644 per 10 grams, up by 0.23 per cent, after opening at Rs 28,645 against a previous close of Rs 28,577. It touched the intra-day high of Rs 28,749.
23/06/2017
Gold futures closed higher in the domestic market on Thursday as the precious metal tried to clamber off five-week lows struck earlier this week. The closely watched dollar index traded little changed as gold prices closed, lessening the currency-related headwind for commodities priced in the currency, including gold. A stronger dollar tends to make assets pegged to the buck more expensive to buyers using other monetary units. U.S. equities, meanwhile, traded mostly higher after an earlier struggle for direction. At the MCX, gold futures for August 2017 contract ended at Rs 28644 per 10 grams, up by 0.23 per cent, after opening at Rs 28,645 against a previous close of Rs 28,577. It touched the intra-day high of Rs 28,749.
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