Gold dips on strengthening US dollar
14/09/2017
Gold futures closed lower in the domestic market on Wednesday as a leading dollar index strengthened, adding to its gain for the week and dulling investment demand for the precious metal. The market’s Federal Reserve wait-and-see game continues with speakers shifting into a blackout commentary period ahead of a policy meeting next week. The Fed raised interest rates twice this year in response to steady growth and falling unemployment, but persistently soft inflation data have tempered market expectations for another hike before the year. Higher rates also boost the dollar, in which gold is priced. At the MCX, gold futures for October 2017 contract ended at Rs 29885 per 10 grams, down by 0.19 per cent, after opening at Rs 29,999 against a previous close of Rs 29,943. It touched the intra-day low of Rs 29,820.
14/09/2017
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Gold futures closed lower in the domestic market on Wednesday as a leading dollar index strengthened, adding to its gain for the week and dulling investment demand for the precious metal. The market’s Federal Reserve wait-and-see game continues with speakers shifting into a blackout commentary period ahead of a policy meeting next week. The Fed raised interest rates twice this year in response to steady growth and falling unemployment, but persistently soft inflation data have tempered market expectations for another hike before the year. Higher rates also boost the dollar, in which gold is priced. At the MCX, gold futures for October 2017 contract ended at Rs 29885 per 10 grams, down by 0.19 per cent, after opening at Rs 29,999 against a previous close of Rs 29,943. It touched the intra-day low of Rs 29,820.
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