Gold dips on selling pressure
13/11/2017 07:31
Gold dips on selling pressure
13/11/2017 07:31
Gold futures closed lower in the domestic market on Friday even as both stocks and the dollar, which typically move inversely to precious metals, slumped on the back of waning confidence for economy-boosting tax reform. Market participants also speculated about sizable intraday sales that helped add to selling pressure in the commodity.
Lower rates and a weaker dollar can lure buyers in gold, which doesn’t bear interest and is priced in the U.S. currency.
At the MCX, gold futures for December 2017 contract ended at Rs 29471 per 10 grams, down by 0.64 per cent, after opening at Rs 29,625 against a previous close of Rs 29,661. It touched the intra-day low of Rs 29,466.
13/11/2017 07:31
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Gold dips on selling pressure
13/11/2017 07:31
Gold futures closed lower in the domestic market on Friday even as both stocks and the dollar, which typically move inversely to precious metals, slumped on the back of waning confidence for economy-boosting tax reform. Market participants also speculated about sizable intraday sales that helped add to selling pressure in the commodity.
Lower rates and a weaker dollar can lure buyers in gold, which doesn’t bear interest and is priced in the U.S. currency.
At the MCX, gold futures for December 2017 contract ended at Rs 29471 per 10 grams, down by 0.64 per cent, after opening at Rs 29,625 against a previous close of Rs 29,661. It touched the intra-day low of Rs 29,466.
