Gold rises as US dollar fails to rebound
20/07/2017
Gold futures closed marginally higher in the domestic market on Wednesday as the U.S. dollar failed to rebound much from 10-month lows as prospects for more U.S. interest-rate hikes this year weaken.
The dollar weakened but stocks only briefly paused their march to fresh records as stumbles in getting a health-care bill passed amplified doubts about President Donald Trump’s ability to get passage of traditionally Wall Street friendly changes, including tax cuts and other laws that may boost the buck.A weaker dollar tends to be supportive to commodities, like gold, priced in the currency, making them more attractive to buyers using weaker monetary units. At the MCX, gold futures for August 2017 contract ended at Rs 28255 per 10 grams, up by 0.01 per cent, after opening at Rs 28,255 against a previous close of Rs 28,253. It touched the intra-day high of Rs 28,260.
20/07/2017
Gold futures closed marginally higher in the domestic market on Wednesday as the U.S. dollar failed to rebound much from 10-month lows as prospects for more U.S. interest-rate hikes this year weaken.
The dollar weakened but stocks only briefly paused their march to fresh records as stumbles in getting a health-care bill passed amplified doubts about President Donald Trump’s ability to get passage of traditionally Wall Street friendly changes, including tax cuts and other laws that may boost the buck.A weaker dollar tends to be supportive to commodities, like gold, priced in the currency, making them more attractive to buyers using weaker monetary units. At the MCX, gold futures for August 2017 contract ended at Rs 28255 per 10 grams, up by 0.01 per cent, after opening at Rs 28,255 against a previous close of Rs 28,253. It touched the intra-day high of Rs 28,260.
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