Gold rises on dipping US dollar
08/06/2018
Gold rises on dipping US dollar
08/06/2018 07:46
Gold futures closed higher in the domestic market on Thursday as a popular gauge of the dollar’s strength declined and boosted the short-term allure of the metal. Federal Reserve will nudge key interest rates higher when it meets next week and perhaps signal its intention then to keep tightening rates later this year. Rising real interest rates impact the opportunity costs of holding gold because the metal provides no yield. It also entices investors to rotate into riskier assets like stocks. Higher rates may also boost the value of the dollar, which usually moves in the opposite direction of the gold price. At the MCX, gold futures for August 2018 contract ended at Rs 31190 per 10 grams, up by 1.07 per cent, after opening at Rs 30,950 against a previous close of Rs 30,861. It touched the intra-day high of Rs 31,216.
08/06/2018
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Gold rises on dipping US dollar
08/06/2018 07:46
Gold futures closed higher in the domestic market on Thursday as a popular gauge of the dollar’s strength declined and boosted the short-term allure of the metal. Federal Reserve will nudge key interest rates higher when it meets next week and perhaps signal its intention then to keep tightening rates later this year. Rising real interest rates impact the opportunity costs of holding gold because the metal provides no yield. It also entices investors to rotate into riskier assets like stocks. Higher rates may also boost the value of the dollar, which usually moves in the opposite direction of the gold price. At the MCX, gold futures for August 2018 contract ended at Rs 31190 per 10 grams, up by 1.07 per cent, after opening at Rs 30,950 against a previous close of Rs 30,861. It touched the intra-day high of Rs 31,216.
