Yellow metal rises as dollar weakens
03/08/2016 10:44
Gold futures were trading marginally higher during the morning trade in the domestic market on Wednesday as traders built up fresh positions as a weaker dollar bolstered the lure for the bullion as an alternative asset. Weaker dollar makes the precious metal cheaper for those holding other currencies, thus boosting gold demand. Further, soft US economic data raised speculation that the US Federal Reserve may hold off further tightening of interest rates in the near-term, bolstering the lure for gold as a store of value. At the MCX, gold futures for August 2016 contract is trading at Rs 31,800 per 10 grams, up by 0.08 per cent, after opening at Rs 31,809, against a previous close of Rs 31,775. It touched the intra-day high of Rs 31,809 (at 10:36 hours).
03/08/2016 10:44
Gold futures were trading marginally higher during the morning trade in the domestic market on Wednesday as traders built up fresh positions as a weaker dollar bolstered the lure for the bullion as an alternative asset. Weaker dollar makes the precious metal cheaper for those holding other currencies, thus boosting gold demand. Further, soft US economic data raised speculation that the US Federal Reserve may hold off further tightening of interest rates in the near-term, bolstering the lure for gold as a store of value. At the MCX, gold futures for August 2016 contract is trading at Rs 31,800 per 10 grams, up by 0.08 per cent, after opening at Rs 31,809, against a previous close of Rs 31,775. It touched the intra-day high of Rs 31,809 (at 10:36 hours).
