Gold down as Fed raises key interest rate : 28/09/2018
Gold down as Fed raises key interest rate
28/09/2018 07:18
Gold futures closed lower in the domestic market on Thursday after the Federal Reserve’s widely expected decision to raise a key interest rate. The Fed on Wednesday lifted federal-funds rates for the third time this year, to a range between 2% and 2.25%, and signaled it was prepared to increase again in December. Higher interest rates tend to boost the dollar and cut demand for nonyielding bullion in favor of assets delivering an attractive relative yield. At the MCX, gold futures for October 2018 contract ended at Rs 30348 per 10 grams, down by 0.80 per cent, after opening at Rs 30,635 against a previous close of Rs 30,593. It touched the intra-day low of Rs 30,300.
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Gold down as Fed raises key interest rate
28/09/2018 07:18
Gold futures closed lower in the domestic market on Thursday after the Federal Reserve’s widely expected decision to raise a key interest rate. The Fed on Wednesday lifted federal-funds rates for the third time this year, to a range between 2% and 2.25%, and signaled it was prepared to increase again in December. Higher interest rates tend to boost the dollar and cut demand for nonyielding bullion in favor of assets delivering an attractive relative yield. At the MCX, gold futures for October 2018 contract ended at Rs 30348 per 10 grams, down by 0.80 per cent, after opening at Rs 30,635 against a previous close of Rs 30,593. It touched the intra-day low of Rs 30,300.
