Gold down on rising US dollar
28/09/2017
Gold futures closed lower in the domestic market on Wednesday as stocks and the dollar moved higher and traders watched the rollout of a Republican plan to overhaul the U.S. tax code. The U.S. dollar has extended a strengthening trend, with a key dollar index jumping to a more than one-month high ahead of the release of Republican tax-reform proposal. 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 29626 per 10 grams, down by 0.82 per cent, after opening at Rs 29,840 against a previous close of Rs 29,872. It touched the intra-day low of Rs 29,626.
28/09/2017
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Gold futures closed lower in the domestic market on Wednesday as stocks and the dollar moved higher and traders watched the rollout of a Republican plan to overhaul the U.S. tax code. The U.S. dollar has extended a strengthening trend, with a key dollar index jumping to a more than one-month high ahead of the release of Republican tax-reform proposal. 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 29626 per 10 grams, down by 0.82 per cent, after opening at Rs 29,840 against a previous close of Rs 29,872. It touched the intra-day low of Rs 29,626.
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