Gold Down On Political Uncertainty

Gold futures closed lower in the domestic market on Friday as the euro weakened, providing support for the dollar, in the wake of the political drama that would ordinarily have offered a boost to precious metals.

Friday’s moves in metals come after the U.K. parliamentary elections late Thursday delivered a stunning result: a hung parliament, in which neither the Conservative nor Labour Party holds a parliamentary majority.

At the MCX, gold futures for August 2017 contract ended at Rs 29009 per 10 grams, down by 0.42 per cent, after opening at Rs 29,101 against a previous close of Rs 29,131. It touched the intra-day low of Rs 28,905.

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Suhani Verma

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