Gold rises on White House turmoil
24/07/2017
Gold futures closed higher in the domestic market on Friday as turmoil in the White House and weakness in the U.S. dollar spurred haven demand for the precious metal.U.S. President Donald Trump’s team falling apart and the investigation about Russian involvement [in the election] were the reasons for the steeper climb in gold prices on Friday.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 28548 per 10 grams, up by 0.77 per cent, after opening at Rs 28,327 against a previous close of Rs 28,331. It touched the intra-day high of Rs 28,559.
24/07/2017
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Gold futures closed higher in the domestic market on Friday as turmoil in the White House and weakness in the U.S. dollar spurred haven demand for the precious metal.U.S. President Donald Trump’s team falling apart and the investigation about Russian involvement [in the election] were the reasons for the steeper climb in gold prices on Friday.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 28548 per 10 grams, up by 0.77 per cent, after opening at Rs 28,327 against a previous close of Rs 28,331. It touched the intra-day high of Rs 28,559.
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