Gold rises on weak US dollar
26/06/2018
Gold rises on weak US dollar
26/06/2018 05:43
Gold futures closed higher in the domestic market on Monday as the U.S. dollar, strong throughout the month, weakened against its currency rivals. A fresh round of global trade friction was again driving financial market sentiment Monday, although the issue has had a subdued impact in supporting haven gold. Higher rates and a stronger dollar are headwinds for commodities because they don’t offer a yield and a strengthening buck tends to weigh on assets priced in the currency, making them more expensive for purchasers using other monetary units. Stock weakness can prove supportive for the perceived haven status of gold, but the two assets were bucking their usual relationship. At the MCX, gold futures for August 2018 contract ended at Rs 30650 per 10 grams, up by 0.13 per cent, after opening at Rs 30,655 against a previous close of Rs 30,610. It touched the intra-day high of Rs 30,738.
26/06/2018
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Gold rises on weak US dollar
26/06/2018 05:43
Gold futures closed higher in the domestic market on Monday as the U.S. dollar, strong throughout the month, weakened against its currency rivals. A fresh round of global trade friction was again driving financial market sentiment Monday, although the issue has had a subdued impact in supporting haven gold. Higher rates and a stronger dollar are headwinds for commodities because they don’t offer a yield and a strengthening buck tends to weigh on assets priced in the currency, making them more expensive for purchasers using other monetary units. Stock weakness can prove supportive for the perceived haven status of gold, but the two assets were bucking their usual relationship. At the MCX, gold futures for August 2018 contract ended at Rs 30650 per 10 grams, up by 0.13 per cent, after opening at Rs 30,655 against a previous close of Rs 30,610. It touched the intra-day high of Rs 30,738.
