Gold dips as US dollar strengthens
04/10/2017
Gold futures closed lower in the domestic market on Tuesday pressured by record highs in U.S. stock benchmarks, as recent strength in the dollar and Treasury yields lured some investors away from the precious metal. U.S. government bond yields got a boost off increased expectations that Federal Reserve Chairwoman Janet Yellen and fellow policy makers are inclined to lift interest rates once more before the end of 2017. Higher bond yields, which move inversely to prices, can make owning gold, which doesn’t offer interest, less appealing. At the MCX, gold futures for October 2017 contract ended at Rs 29365 per 10 grams, down by 0.65 per cent, after opening at Rs 29,500 against a previous close of Rs 29,557. It touched the intra-day low of Rs 29,300.
04/10/2017
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Gold futures closed lower in the domestic market on Tuesday pressured by record highs in U.S. stock benchmarks, as recent strength in the dollar and Treasury yields lured some investors away from the precious metal. U.S. government bond yields got a boost off increased expectations that Federal Reserve Chairwoman Janet Yellen and fellow policy makers are inclined to lift interest rates once more before the end of 2017. Higher bond yields, which move inversely to prices, can make owning gold, which doesn’t offer interest, less appealing. At the MCX, gold futures for October 2017 contract ended at Rs 29365 per 10 grams, down by 0.65 per cent, after opening at Rs 29,500 against a previous close of Rs 29,557. It touched the intra-day low of Rs 29,300.
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