Gold down pressured by modest strength in dollar
27/07/2017
Gold futures closed lower in the domestic market on Wednesday pressured by modest strength in the U.S. dollar so far this weekGold 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 28403 per 10 grams, down by 0.26 per cent, after opening at Rs 28,400 against a previous close of Rs 28,478. It touched the intra-day low of Rs 28,304.
27/07/2017
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Gold futures closed lower in the domestic market on Wednesday pressured by modest strength in the U.S. dollar so far this weekGold 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 28403 per 10 grams, down by 0.26 per cent, after opening at Rs 28,400 against a previous close of Rs 28,478. It touched the intra-day low of Rs 28,304.
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