Gold rises on surge in crude prices
07/11/2017 07:44
Gold rises on surge in crude prices
07/11/2017 07:44
Gold futures closed higher in the domestic market on Monday as a surge in prices of crude oil offered some signs of a potential increase in inflation, bullish for precious metals’ prices. Gold is often viewed as a hedge against rising prices or inflation. Meanwhile, lower rates and a weaker dollar can lure buyers in gold, which doesn’t bear interest and is priced in the U.S. currency. Investors also focused on developments for tax reform as Senate Republicans work on their version of a bill after the House advanced their approach last week. At the MCX, gold futures for December 2017 contract ended at Rs 29345 per 10 grams, up by 0.88 per cent, after opening at Rs 29,200 against a previous close of Rs 29,088. It touched the intra-day high of Rs 29,372.
07/11/2017 07:44
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Gold rises on surge in crude prices
07/11/2017 07:44
Gold futures closed higher in the domestic market on Monday as a surge in prices of crude oil offered some signs of a potential increase in inflation, bullish for precious metals’ prices. Gold is often viewed as a hedge against rising prices or inflation. Meanwhile, lower rates and a weaker dollar can lure buyers in gold, which doesn’t bear interest and is priced in the U.S. currency. Investors also focused on developments for tax reform as Senate Republicans work on their version of a bill after the House advanced their approach last week. At the MCX, gold futures for December 2017 contract ended at Rs 29345 per 10 grams, up by 0.88 per cent, after opening at Rs 29,200 against a previous close of Rs 29,088. It touched the intra-day high of Rs 29,372.
