Gold Rises On Weak US Economic Data

Gold futures closed higher in the domestic market on Friday after a report on U.S. economic growth came in weaker than expected, pushing the dollar lower and lifting prices for the precious metal higher to a three-week high.

Gold saw further support as many investors believe that the Federal Reserve lacks the confidence to lift rates too abruptly without further signs of strength in the U.S. economy.

At the MCX, Gold futures for August 2016 contract closed at Rs 31,530, per 10 gram, up by 1.61 per cent after opening at Rs 31,150, against the previous closing price of Rs 31,031. It touched the intra-day high of Rs 31,598.

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Suhani Verma

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