Gold rises on Fed’s dovish stance
28/07/2017
Gold futures closed higher in the domestic market on Thursday as a Federal Reserve policy update that was read as mostly dovish by investors, helped to lift prices to their highest finish.Higher rates tend to push the dollar higher, nicking gold prices, and cut demand for precious metals, which don’t offer a yield.Because commodities tend to be traded in dollars, the relationship between commodities and the buck is usually inverse, as moves in the U.S. unit can influence appetite for those commodities from buyers using weaker currencies.At the MCX, gold futures for August 2017 contract ended at Rs 28492 per 10 grams, up by 0.38 per cent, after opening at Rs 28,600 against a previous close of Rs 28,384. It touched the intra-day high of Rs 28,607.
28/07/2017
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Gold futures closed higher in the domestic market on Thursday as a Federal Reserve policy update that was read as mostly dovish by investors, helped to lift prices to their highest finish.Higher rates tend to push the dollar higher, nicking gold prices, and cut demand for precious metals, which don’t offer a yield.Because commodities tend to be traded in dollars, the relationship between commodities and the buck is usually inverse, as moves in the U.S. unit can influence appetite for those commodities from buyers using weaker currencies.At the MCX, gold futures for August 2017 contract ended at Rs 28492 per 10 grams, up by 0.38 per cent, after opening at Rs 28,600 against a previous close of Rs 28,384. It touched the intra-day high of Rs 28,607.
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