Yellow metal glitters on dollar weakness : 20.1.2017


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Gold futures rose during afternoon trade in the domestic market on Friday as investors and speculators extended their positions in the precious metal on rise in safe-haven demand amid weakness in the US dollar ahead of the inauguration of the US President-elect Donald Trump later in the day.
Further, the US Fed Chair Janet Yellen took a less hawkish stance on Thursday, suggesting the US central bank raise interest rates, albeit slowly, so as to not risk harm to the recovery the Fed has sought to nurture, too lifted the gold prices at futures trade.
At the MCX, gold futures for February 2017 contract is trading at Rs 28629 per 10 grams, up by 0.35 per cent, after opening at Rs 28649, against a previous close of Rs 28528. It touched the intra-day high of Rs 28696 (at 13:52 hours).
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