Gold rises on weaker dollar
03/08/2017
Gold futures closed higher in the domestic market on Wednesday as the dollar continued to trade weak on lackluster economic data.Because of recent signs of softer inflation, market observers have cut back their expectations for Fed rate increases. A slower pace of rate increases can be supportive for precious metals’ prices.Gold and the U.S. currency unit typically move inversely as a cheaper dollar is beneficial to gold investors using another currency. Both markets are affected by interest-rate policy as higher rates support the dollar but also dull the appeal of nonyielding gold in favor of interest-bearing assets.At the MCX, gold futures for August 2017 contract ended at Rs 28490 per 10 grams, up by 0.30 per cent, after opening at Rs 28,420 against a previous close of Rs 28,404. It touched the intra-day high of Rs 28,509.
03/08/2017
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Gold futures closed higher in the domestic market on Wednesday as the dollar continued to trade weak on lackluster economic data.Because of recent signs of softer inflation, market observers have cut back their expectations for Fed rate increases. A slower pace of rate increases can be supportive for precious metals’ prices.Gold and the U.S. currency unit typically move inversely as a cheaper dollar is beneficial to gold investors using another currency. Both markets are affected by interest-rate policy as higher rates support the dollar but also dull the appeal of nonyielding gold in favor of interest-bearing assets.At the MCX, gold futures for August 2017 contract ended at Rs 28490 per 10 grams, up by 0.30 per cent, after opening at Rs 28,420 against a previous close of Rs 28,404. It touched the intra-day high of Rs 28,509.
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