Gold Dips On Strengthening Dollar

Gold futures closed lower in the domestic market on Thursday as the euro weakened, providing support for the dollar, in the wake of the European Central Bank’s monetary-policy meeting.

The yellow metal failed to find support from former Federal Bureau of Investigation boss James Comey’s testimony before a Senate panel amid an investigation into alleged Russian efforts to interfere in last year’s presidential race. Investors are also awaiting the outcome of the U.K.’s snap general election.

At the MCX, gold futures for August 2017 contract ended at Rs 29138 per 10 grams, down by 1.03 per cent, after opening at Rs 29,350 against a previous close of Rs 29,440. It touched the intra-day low of Rs 29,020.

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Suhani Verma

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