Weaker greenback lifts Gold 16/08/2016

Weaker greenback lifts Gold
16/08/2016 14:57

Gold futures rose during noon trade in the domestic market on Tuesday as investors and speculators booked fresh positions in the precious metal tracking a rally overseas as a weaker dollar bolstered the appeal of the bullion as an alternative asset.
Weaker greenback makes the yellow metal cheaper for those holding other currencies, thus bolstering demand.
Flat US retail sales in July pared back expectations of a US Fed interest rate hike this year, bolstering the appeal of gold as a store of value.
At the MCX, gold futures for October 2016 contract is trading at Rs 31,440 per 10 grams, up by 0.71 per cent, after opening at Rs 31,250, against a previous close of Rs 31,219. It touched the intra-day high of Rs 31,470 (at 14:52 PM).