Yellow metal up on weak dollar, Trump policy worries

Yellow metal up on weak dollar, Trump policy worries

30/01/2017 14:21

Gold futures were little changed during afternoon trade in the domestic market on Monday as investors and speculators extended their positions in the precious metal as demand for safe-haven emerged on weak US dollar on uncertainty over US policy after the Trump introduced immigration curbs that sparked criticism globally.

Trump’s move to ban entry of refugees and people from 7 Muslim majority countries mounted criticism and protests in major American cities.

However, gains were curbed as many Asian markets were closed today due to holiday for the Lunar New Year.

At the MCX, gold futures for February 2017 contract is trading at Rs 28372 per 10 grams, up by 0.07 per cent, after opening at Rs 28384, against a previous close of Rs 28353. It touched the intra-day high of Rs 28423 (at 14:04 hours).

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