Gold down on Fed Reserve uncertainty
26/10/2017
Gold futures closed lower in the domestic market on Wednesday amid uncertainty surrounding the leadership for the U.S. Federal Reserve. Higher interest rates dull the appeal of nonyielding metals, in favor of interest-bearing assets, making gold less attractive. Additionally, a stronger greenback tends to hurt dollar-denominated commodities, because they then become more expensive for holders of other currencies. At the MCX, gold futures for December 2017 contract ended at Rs 29366 per 10 grams, down by 0.59 per cent, after opening at Rs 29,463 against a previous close of Rs 29,541. It touched the intra-day low of Rs 29,306.
26/10/2017
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Gold futures closed lower in the domestic market on Wednesday amid uncertainty surrounding the leadership for the U.S. Federal Reserve. Higher interest rates dull the appeal of nonyielding metals, in favor of interest-bearing assets, making gold less attractive. Additionally, a stronger greenback tends to hurt dollar-denominated commodities, because they then become more expensive for holders of other currencies. At the MCX, gold futures for December 2017 contract ended at Rs 29366 per 10 grams, down by 0.59 per cent, after opening at Rs 29,463 against a previous close of Rs 29,541. It touched the intra-day low of Rs 29,306.
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