Gold dips on strong US dollar
27/06/2018
Gold dips on strong US dollar
27/06/2018 07:29
Gold futures closed lower in the domestic market on Tuesday with the precious metal under pressure from gains in the U.S. stock market and a stronger dollar. Global trade friction, however, has had a subdued impact in supporting haven gold so far. That leaves the metal almost exclusively tethered to dollar moves that are tracking higher U.S. interest rates. Higher rates and a stronger dollar are headwinds for commodities that don’t offer a yield and a strengthening buck tends to weigh on assets priced in the currency, including gold, making them more expensive for purchasers using other monetary units. At the MCX, gold futures for August 2018 contract ended at Rs 30555 per 10 grams, down by 0.33 per cent, after opening at Rs 30,628 against a previous close of Rs 30,657. It touched the intra-day low of Rs 30,452.
27/06/2018
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Gold dips on strong US dollar
27/06/2018 07:29
Gold futures closed lower in the domestic market on Tuesday with the precious metal under pressure from gains in the U.S. stock market and a stronger dollar. Global trade friction, however, has had a subdued impact in supporting haven gold so far. That leaves the metal almost exclusively tethered to dollar moves that are tracking higher U.S. interest rates. Higher rates and a stronger dollar are headwinds for commodities that don’t offer a yield and a strengthening buck tends to weigh on assets priced in the currency, including gold, making them more expensive for purchasers using other monetary units. At the MCX, gold futures for August 2018 contract ended at Rs 30555 per 10 grams, down by 0.33 per cent, after opening at Rs 30,628 against a previous close of Rs 30,657. It touched the intra-day low of Rs 30,452.
