Gold Shines On Dovish Fed Comments

Gold futures closed higher in the domestic market on Tuesday as investors and speculators extended their positions in the precious metal after a top US Fed official quelled expectation of an interest rate hike next week.

The Fed should avoid removing support for the US economy too quickly, Board Governor Lael Brainard had said on Monday in comments that supported the view the central bank would leave rates unchanged next week.

Safe haven assets become attractive for investors amid global uncertainity, thus rising demand for gold. At the MCX, gold futures for October 2016 contract ended at Rs 31,097 per 10 grams, up by 0.25 per cent, after opening at Rs 31,041, against a previous close of Rs 31,019. It touched the intra-day high of Rs 31,179.

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Suhani Verma

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