Yellow metal little changed

Yellow metal little changed

18/01/2017 13:58

Gold futures were little changed during afternoon trade in the domestic market on Wednesday as investors and speculators exited their positions in the precious metal on slide in safe-haven demand despite weaker dollar and fears over US policy ahead of the President-elect Trump’s inauguration on January 20.

The dollar dropped following comments from Trump noting that the dollar is too high.

Also, investors digested the UK Prime Minister Theresa May’s speech on Brexit plans in which she made it clear- the UK will make a clean break from the EU and leave its single market of some 500 million people.

“We do not seek membership of the single market,” she said. “Instead, we seek the greatest possible access to it through a new, comprehensive, bold and ambitious Free Trade Agreement.”

At the MCX, gold futures for February 2017 contract is trading at Rs 28,730 per 10 grams, down by 0.03 per cent, after opening at Rs 28,738, against a previous close of Rs 28,738. It touched the intra-day low of Rs 28,675 (at 13:49 hours).

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