Gold Flat As Dollar Extends Decline

Gold futures closed flat in the domestic market on Wednesday as the dollar extended its decline, but strength in U.S. equities and Treasury yields served to cap the metal’s upside.A weaker currency is seen boosting commodities priced in dollars, including gold, as it makes them cheaper to users of other currencies.

Gold is likely to remain supported with the ongoing uncertainty of Brexit, political risk in Washington and jitters from depressed oil accelerating the flight to safety. The boost from a weaker currency was partly offset by gains in the U.S. stock market, which benefited from a rally in financial shares, as well as by rising Treasury yields.

At the MCX, gold futures for August 2017 contract ended at Rs 28552 per 10 grams, down by 0.00 per cent, after opening at Rs 28,610 against a previous close of Rs 28,553. It touched the intra-day low of Rs 28,508.

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Suhani Verma

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