Yellow metal shines on weakness in greenback

Yellow metal shines on weakness in greenback

07/12/2016 14:03

Gold futures rose during afternoon trade in the domestic market on Wednesday as investors and speculators extended their positions in the precious metal on weakness in the greenback and caution ahead of RBI policy meet scheduled later in the day.

Post demonetisation, this will be the first RBI policy meet and market is expecting a rate cut of at least 25 basis-points, supported gold prices at futures trade.

At the MCX, gold futures for February 2017 contract is trading at Rs 27,895 per 10 grams, up by 0.24 per cent, after opening at Rs 27,856, against a previous close of Rs 27,827. It touched the intra-day high of Rs 27,896 (at 13:48 hours).

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