Yellow metal pares gains on Yellen’s testimony

Yellow metal pares gains on Yellen’s testimony

15/02/2017 14:09

Gold futures were trading marginally higher during afternoon trade in the domestic market on Wednesday as investors and speculators weighed on firm US dollar after US Fed Chair Janet Yellen said that the central bank will likely need to raise interest rates at an upcoming meeting with the economy expanding further.

Yellen struck a more hawkish tone than investors had expected, although she did flag considerable uncertainty over economic policy under the new administration.

At the MCX, gold futures for April 2017 contract is trading at Rs 29,030 per 10 grams, up by 0.10 per cent, after opening at Rs 29063, against a previous close of Rs 29001. It touched the intra-day high of Rs 29063 (at 14:01 hours).

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