Gold rises as US dollar sinks
21/07/2017
Gold futures closed higher in the domestic market on Thursday as the euro jumped in the wake of a European Central Bank meeting, putting pressure on the U.S. dollar.The ECB, as expected, left interest-rate policy and other stimulative measures unchanged, but the euro jumped as investors looked beyond seemingly dovish remarks by ECB President Mario Draghi to continued expectations the institution will move in the fall to begin tapering its program of bond purchases.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 28316 per 10 grams, up by 0.23 per cent, after opening at Rs 28,217 against a previous close of Rs 28,250. It touched the intra-day high of Rs 28,380.
21/07/2017
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Gold futures closed higher in the domestic market on Thursday as the euro jumped in the wake of a European Central Bank meeting, putting pressure on the U.S. dollar.The ECB, as expected, left interest-rate policy and other stimulative measures unchanged, but the euro jumped as investors looked beyond seemingly dovish remarks by ECB President Mario Draghi to continued expectations the institution will move in the fall to begin tapering its program of bond purchases.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 28316 per 10 grams, up by 0.23 per cent, after opening at Rs 28,217 against a previous close of Rs 28,250. It touched the intra-day high of Rs 28,380.
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