Gold rises on retreating dollar
15/09/2017
Gold futures closed higher in the domestic market on Thursday to recoup a portion of the losses of the past three sessions.The Fed raised interest rates twice this year in response to steady growth and falling unemployment, but mostly soft inflation data have tempered market expectations for another hike before the year. Higher rates also boost the dollar, in which gold is priced.The Fed has been concerned with the weak readings, raising some doubts that the central bank will hike rates again this year.At the MCX, gold futures for October 2017 contract ended at Rs 30039 per 10 grams, up by 0.51 per cent, after opening at Rs 29,807 against a previous close of Rs 29,886. It touched the intra-day high of Rs 30,035.
15/09/2017
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Gold futures closed higher in the domestic market on Thursday to recoup a portion of the losses of the past three sessions.The Fed raised interest rates twice this year in response to steady growth and falling unemployment, but mostly soft inflation data have tempered market expectations for another hike before the year. Higher rates also boost the dollar, in which gold is priced.The Fed has been concerned with the weak readings, raising some doubts that the central bank will hike rates again this year.At the MCX, gold futures for October 2017 contract ended at Rs 30039 per 10 grams, up by 0.51 per cent, after opening at Rs 29,807 against a previous close of Rs 29,886. It touched the intra-day high of Rs 30,035.
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