Gold Rises On Dipping US Dollar

Gold futures closed higher in the domestic market on Tuesday buoyed by a slump in the U.S. dollar as investors took refuge in the precious metal following reports that President Donald Trump shared classified information with top Russian officials at a meeting last week.

Gold is highly sensitive to rising rates, which increases the opportunity cost of holding assets such as bullion, which don’t bear a yield, while boosting the dollar, in which it is priced.

At the MCX, gold futures for June 2017 contract ended at Rs 28101 per 10 grams, up by 0.39 per cent, after opening at Rs 28,020 against a previous close of Rs 27,992. It touched the intra-day high of Rs 28,135.

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Suhani Verma

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