Gold dips on US Govt’s plan to lower corporate tax
29/09/2017
Gold futures closed lower in the domestic market on Thursday as the US Government’s plan to lower the corporate tax rate from 35% to 20% was boosting the greenback on the prospect that if approved the tax cuts could boost the economy and provide the backbone for further tightening. The greenback, however, held on to a gain week to date, buoyed by expectations that the U.S. Federal Reserve will raise interest rates again this year. A strong dollar makes it more expensive for holders of other currencies to buy dollar-denominated gold. At the MCX, gold futures for October 2017 contract ended at Rs 29600 per 10 grams, down by 0.20 per cent, after opening at Rs 29,663 against a previous close of Rs 29,658. It touched the intra-day low of Rs 29,522.
29/09/2017
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Gold futures closed lower in the domestic market on Thursday as the US Government’s plan to lower the corporate tax rate from 35% to 20% was boosting the greenback on the prospect that if approved the tax cuts could boost the economy and provide the backbone for further tightening. The greenback, however, held on to a gain week to date, buoyed by expectations that the U.S. Federal Reserve will raise interest rates again this year. A strong dollar makes it more expensive for holders of other currencies to buy dollar-denominated gold. At the MCX, gold futures for October 2017 contract ended at Rs 29600 per 10 grams, down by 0.20 per cent, after opening at Rs 29,663 against a previous close of Rs 29,658. It touched the intra-day low of Rs 29,522.
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