Gold futures closed higher in the domestic market on Friday helping the yellow metal record its highest weekly climb since early February, as weakness in the U.S. dollar, following Wednesday’s Federal Reserve decision, provided a runway for gains.
The Fed on Wednesday lifted benchmark interest rates by a quarter-point as widely expected. The central bank’s statement and forecasts for future rate increases was seen as less aggressive than had been anticipated. That put some pressure on the dollar.
At the MCX, gold futures for April 2017 contract ended at Rs 28519 per 10 grams, up by 0.38 per cent, after opening at Rs 28,390 against a previous close of Rs 28,411. It touched the intra-day high of Rs 28,530.