Yellow metal little changed on overseas cues
07/09/2016 12:49
Gold futures were little changed during the afternoon trade in the domestic market on wednesday as investors and speculators enlarged their positions in the precious metal on dollar weakning amid increased expectations that the US Fed may not hike interest rates in September in the world’s biggest economy after weaker-than-expected US jobs growth in August.
Weaker greenback makes the yellow metal cheaper for those holding other currencies, thus rising demand.
At the MCX, gold futures for October 2016 contract is trading at Rs 31,391 per 10 grams, up by 0.04 per cent, after opening at Rs 31,440, against a previous close of Rs 31,378. It touched the intra-day high of Rs 31,466 (at 12:46 hours).
07/09/2016 12:49
Weaker greenback makes the yellow metal cheaper for those holding other currencies, thus rising demand.
At the MCX, gold futures for October 2016 contract is trading at Rs 31,391 per 10 grams, up by 0.04 per cent, after opening at Rs 31,440, against a previous close of Rs 31,378. It touched the intra-day high of Rs 31,466 (at 12:46 hours).
