Gold up on weaker US dollar
19/07/2017
Gold futures closed higher in the domestic market on Tuesday with a sharply weaker U.S. dollar sending prices for the yellow metal up for a third session in a row to their highest level of the month so far.The stumbles in getting the health-care bill passed have amplified doubts about President Donald Trump’s ability to get passage of a raft of Wall Street-friendly legislations, 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 28254 per 10 grams, up by 0.48 per cent, after opening at Rs 28,138 against a previous close of Rs 28,120. It touched the intra-day high of Rs 28,285.
19/07/2017
Gold futures closed higher in the domestic market on Tuesday with a sharply weaker U.S. dollar sending prices for the yellow metal up for a third session in a row to their highest level of the month so far.The stumbles in getting the health-care bill passed have amplified doubts about President Donald Trump’s ability to get passage of a raft of Wall Street-friendly legislations, 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 28254 per 10 grams, up by 0.48 per cent, after opening at Rs 28,138 against a previous close of Rs 28,120. It touched the intra-day high of Rs 28,285.
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