Gold dips on firm US dollar
09/08/2017
Gold futures closed lower in the domestic market on Tuesday as the U.S. dollar firmed in late trade, helping to erase a slight advance for the dollar-sensitive commodity earlier in the day. Higher rates tend to act as a boost to the dollar, drawing traders looking for higher rates on dollar-based deposits. But higher rates can be a headwind for metals, making them more expensive to buyers using weaker currencies and undercutting the appeal of a commodity that doesn’t bear a yield. Doubts about the pace of economic growth in the U.S., including signs of weaker-than-hoped-for inflation, have weighed on the dollar over the past few weeks, and provided some support for metals. At the MCX, gold futures for October 2017 contract ended at Rs 28369 per 10 grams, down by 0.31 per cent, after opening at Rs 28,462 against a previous close of Rs 28,457. It touched the intra-day low of Rs 28,300.
09/08/2017
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Gold futures closed lower in the domestic market on Tuesday as the U.S. dollar firmed in late trade, helping to erase a slight advance for the dollar-sensitive commodity earlier in the day. Higher rates tend to act as a boost to the dollar, drawing traders looking for higher rates on dollar-based deposits. But higher rates can be a headwind for metals, making them more expensive to buyers using weaker currencies and undercutting the appeal of a commodity that doesn’t bear a yield. Doubts about the pace of economic growth in the U.S., including signs of weaker-than-hoped-for inflation, have weighed on the dollar over the past few weeks, and provided some support for metals. At the MCX, gold futures for October 2017 contract ended at Rs 28369 per 10 grams, down by 0.31 per cent, after opening at Rs 28,462 against a previous close of Rs 28,457. It touched the intra-day low of Rs 28,300.
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