Gold down on strong dollar
24/10/2017 07:43
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Gold futures closed lower in the domestic market on Monday as the dollar strengthened following the Republican-controlled Senate’s passage of a budget blueprint. Precious metals prices have been hurt last week by a rising dollar, which has also received a boost from rising expectations that interest rates will go up in December. Higher interest rates dull the appeal of nonyielding metals, in favor of interest-bearing assets, making gold less attractive. Additionally, a stronger greenback tends to hurt dollar-denominated commodities, because they then become more expensive for holders of other currencies. At the MCX, gold futures for December 2017 contract ended at Rs 29520 per 10 grams, down by 0.12 per cent, after opening at Rs 29,500 against a previous close of Rs 29,554. It touched the intra-day low of Rs 29,384.
