Gold rises on Fed’s dovish stance
13/10/2017
Gold futures closed higher in the domestic market on Thursday as investors read minutes from the Federal Reserve’s September policy meetings as slightly dovish, offering a lift to the commodity.
Policy makers questioned the need for an interest-rate hike in December as levels of inflation continued to track below the central bank’s 2% annual target. Although the market’s reaction was relatively subdued, the minutes suggest that Chairwoman Janet Yellen and other policy makers will increase interest rates once more in December, but that efforts to normalize policy will otherwise run at a gradual pace. At the MCX, gold futures for December 2017 contract ended at Rs 29826 per 10 grams, up by 0.40 per cent, after opening at Rs 29,775 against a previous close of Rs 29,707. It touched the intra-day high of Rs 29,900.
13/10/2017
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Gold futures closed higher in the domestic market on Thursday as investors read minutes from the Federal Reserve’s September policy meetings as slightly dovish, offering a lift to the commodity.
Policy makers questioned the need for an interest-rate hike in December as levels of inflation continued to track below the central bank’s 2% annual target. Although the market’s reaction was relatively subdued, the minutes suggest that Chairwoman Janet Yellen and other policy makers will increase interest rates once more in December, but that efforts to normalize policy will otherwise run at a gradual pace. At the MCX, gold futures for December 2017 contract ended at Rs 29826 per 10 grams, up by 0.40 per cent, after opening at Rs 29,775 against a previous close of Rs 29,707. It touched the intra-day high of Rs 29,900.
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