Gold Rises On Weak Dollar

Gold futures closed higher in the domestic market on Thursday on the heels of the dollar’s decline, which came after the U.S. Federal Reserve raised interest rates, but struck a less hawkish tone than expected.

Higher interest rates tend to boost the dollar, but as the tightening had been well telegraphed by Fed Chairwoman Janet Yellen, the rate increase had been almost 100% priced in.

At the MCX, gold futures for April 2017 contract ended at Rs 28405 per 10 grams, up by 1.50 per cent, after opening at Rs 28,325 against a previous close of Rs 27,985. It touched the intra-day high of Rs 28,540.

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Suhani Verma

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