Gold rises on weak dollar

Gold rises on weak dollar

18/10/2016 16:53

Gold futures were trading higher during the evening trade in the domestic market on Tuesday as investors and speculators widened their positions in the precious metal as the US dollar weakened, while rebounding equities capped gains.

Analysts attributed the recovery in gold prices to weakness in US dollar which measures the greenback against a basket of currencies, and strong Asian equities though risk appetite was low as weak US markets prompted investors to stay on the sidelines.

At the MCX, gold futures for December 2016 contract is trading at Rs 29780 per 10 grams, up by 0.25 per cent, after opening at Rs 29750, against a previous close of Rs 29705. It touched the intra-day high of Rs 29810 (at 16:58 hours).

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