Yellow metal loses sheen on dollar strengthening

Yellow metal loses sheen on dollar strengthening

09/12/2016 14:14

Gold futures fell during afternoon trade in the domestic market on Friday as investors and speculators exited their positions in the precious metal as the US dollar strengthened.

Besides, rising hopesd that the US Federal Reserve likely to hike interest rates in its policy meeting next week, continue to weigh on gold, as rising US rates raise the opportunity cost of holding non-yielding bullion.

At the MCX, gold futures for February 2017 contract is trading at Rs 27,720 per 10 grams, down by 0.21 per cent, after opening at Rs 27,750, against a previous close of Rs 27,777. It touched the intra-day low of Rs 27,700 (at 14:08 hours).

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s