Gold dips as bond yields climb
28/02/2018
Gold dips as bond yields climb
28/02/2018 07:26
Gold futures closed lower in the domestic market on Tuesday as the U.S. dollar strengthened and bond yields climbed on the back of new Federal Reserve Chairman Jerome Powell’s first day of congressional testimony. While inflation worries could spur safe-haven gold buying, rising interest rates would pressure the metal because bullion pays no interest. Expectations that there could be an additional rate hike helped push the 10-year yield closer to the 3% mark last week. At the MCX, gold futures for April 2018 contract ended at Rs 30305 per 10 grams, down by 0.74 per cent, after opening at Rs 30,540 against a previous close of Rs 30,531. It touched the intra-day low of Rs 30,272.
28/02/2018
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Gold dips as bond yields climb
28/02/2018 07:26
Gold futures closed lower in the domestic market on Tuesday as the U.S. dollar strengthened and bond yields climbed on the back of new Federal Reserve Chairman Jerome Powell’s first day of congressional testimony. While inflation worries could spur safe-haven gold buying, rising interest rates would pressure the metal because bullion pays no interest. Expectations that there could be an additional rate hike helped push the 10-year yield closer to the 3% mark last week. At the MCX, gold futures for April 2018 contract ended at Rs 30305 per 10 grams, down by 0.74 per cent, after opening at Rs 30,540 against a previous close of Rs 30,531. It touched the intra-day low of Rs 30,272.
