Yellow metal in reverse gear on firm dollar

Yellow metal in reverse gear on firm dollar

25/01/2017 14:13

Gold futures fell during afternoon trade in the domestic market on Wednesday as investors and speculators exited their positions in the precious metal as demand for safe-haven faded on strong US dollar as investors welcomed the new US President Donald Trump’s economic policies.

The greenback soared as investors acknowledged the Trump’s eagerness to deliver on his campaign promises as he shifted his focus back to growth initiatives including promising corporate tax breaks to fuel US investment, after focusing on protectionism in his first few days in office.

At the MCX, gold futures for February 2017 contract is trading at Rs 28565 per 10 grams, down by 0.56 per cent, after opening at Rs 28650, against a previous close of Rs 28725. It touched the intra-day low of Rs 28526 (at 13:56 hours).

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