Gold down ahead of Fed midweek policy update
26/07/2017
Gold futures closed lower in the domestic market on Tuesday ahead of a midweek policy update from the Federal Reserve.Gold typically has an inverse relationship with the dollar as moves in the U.S. unit can influence the attractiveness of those commodities to holders of other currencies.Higher rates tend to push the dollar higher, nicking gold prices, and cut demand for precious metals, which don’t offer a yield.At the MCX, gold futures for August 2017 contract ended at Rs 28478 per 10 grams, down by 0.13 per cent, after opening at Rs 28,538 against a previous close of Rs 28,516. It touched the intra-day low of Rs 28,392.
26/07/2017
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Gold futures closed lower in the domestic market on Tuesday ahead of a midweek policy update from the Federal Reserve.Gold typically has an inverse relationship with the dollar as moves in the U.S. unit can influence the attractiveness of those commodities to holders of other currencies.Higher rates tend to push the dollar higher, nicking gold prices, and cut demand for precious metals, which don’t offer a yield.At the MCX, gold futures for August 2017 contract ended at Rs 28478 per 10 grams, down by 0.13 per cent, after opening at Rs 28,538 against a previous close of Rs 28,516. It touched the intra-day low of Rs 28,392.
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