Gold rises on softening dollar
21/12/2017
21/12/2017 07:43
Gold futures closed higher in the domestic market on Wednesday with the dollar softening as lawmakers approved a comprehensive tax overhaul. The yellow metal climbed as stocks struggled for direction, following a series of records in anticipation of the passage of the bill, which includes massive corporate tax cuts. As per reports, tax changes offer a mixed bag for the metal. Some analysts have noted the increased risk of inflation, against which gold can act like a hedge, if the law supercharges the economy and forces the Fed to ramp up its rate-tightening efforts. On the other hand, tax-fueled gains in U.S. stocks and other risk-on markets had helped to drive gold to five-month lows earlier this month. At the MCX, gold futures for February 2017 contract ended at Rs 28490 per 10 grams, up by 0.30 per cent, after opening at Rs 28,452 against a previous close of Rs 28,405. It touched the intra-day high of Rs 28,524.
21/12/2017
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Gold rises on softening dollar21/12/2017 07:43
Gold futures closed higher in the domestic market on Wednesday with the dollar softening as lawmakers approved a comprehensive tax overhaul. The yellow metal climbed as stocks struggled for direction, following a series of records in anticipation of the passage of the bill, which includes massive corporate tax cuts. As per reports, tax changes offer a mixed bag for the metal. Some analysts have noted the increased risk of inflation, against which gold can act like a hedge, if the law supercharges the economy and forces the Fed to ramp up its rate-tightening efforts. On the other hand, tax-fueled gains in U.S. stocks and other risk-on markets had helped to drive gold to five-month lows earlier this month. At the MCX, gold futures for February 2017 contract ended at Rs 28490 per 10 grams, up by 0.30 per cent, after opening at Rs 28,452 against a previous close of Rs 28,405. It touched the intra-day high of Rs 28,524.
