Gold dips on strengthening dollar
27/10/2017
Gold futures closed lower in the domestic market on Thursday as the dollar’s decline against the euro lifted a key benchmark for the greenback to a three-month high. The dollar’s strength dulled demand for precious metals, as a firmer dollar makes them less attractive to investors using another currency.
Analysts also attributed the greenback’s recent strength to bets that the U.S. Federal Reserve’s next leader will pick up the pace of interest-rate hikes or at least stay the course with plans for gradual rate increases late this year and next. At the MCX, gold futures for December 2017 contract ended at Rs 29245 per 10 grams, down by 0.51 per cent, after opening at Rs 29,393 against a previous close of Rs 29,394. It touched the intra-day low of Rs 29,242.
27/10/2017
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Gold futures closed lower in the domestic market on Thursday as the dollar’s decline against the euro lifted a key benchmark for the greenback to a three-month high. The dollar’s strength dulled demand for precious metals, as a firmer dollar makes them less attractive to investors using another currency.
Analysts also attributed the greenback’s recent strength to bets that the U.S. Federal Reserve’s next leader will pick up the pace of interest-rate hikes or at least stay the course with plans for gradual rate increases late this year and next. At the MCX, gold futures for December 2017 contract ended at Rs 29245 per 10 grams, down by 0.51 per cent, after opening at Rs 29,393 against a previous close of Rs 29,394. It touched the intra-day low of Rs 29,242.
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