Gold down on US economic data
17/07/2018
Gold down on US economic data
17/07/2018 07:50
Gold futures closed lower in the domestic market on Monday as U.S. economic data did little to unseat expectations for higher interest rates over coming months—an outlook that has driven the greenback higher this year and helped to sink dollar-denominated gold. A stronger dollar—which has drawn haven demand amid the clash over trade between the U.S. and China and has been pushed higher on rising-rate expectations—remains the most significant headwind for gold. A strengthening greenback can make commodities linked to the monetary unit, such as gold, more expensive to buyers using other currencies. At the MCX, gold futures for August 2018 contract ended at Rs 30098 per 10 grams, down by 0.02 per cent, after opening at Rs 30,177 against a previous close of Rs 30,105. It touched the intra-day low of Rs 30,060.
17/07/2018
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Gold down on US economic data
17/07/2018 07:50
Gold futures closed lower in the domestic market on Monday as U.S. economic data did little to unseat expectations for higher interest rates over coming months—an outlook that has driven the greenback higher this year and helped to sink dollar-denominated gold. A stronger dollar—which has drawn haven demand amid the clash over trade between the U.S. and China and has been pushed higher on rising-rate expectations—remains the most significant headwind for gold. A strengthening greenback can make commodities linked to the monetary unit, such as gold, more expensive to buyers using other currencies. At the MCX, gold futures for August 2018 contract ended at Rs 30098 per 10 grams, down by 0.02 per cent, after opening at Rs 30,177 against a previous close of Rs 30,105. It touched the intra-day low of Rs 30,060.
