Gold Rises As Investors Eye Key Macro Data

Gold futures closed higher in the domestic market on Wednesday as investors looked ahead to a key U.S. employment reading due late this week.

Higher interest rates tend to be dollar-supportive, cutting demand for dollar-priced gold for investors using other currencies. Higher rates also weigh on demand for gold, which doesn’t bear interest, in favor of yield-bearing investments.

At the MCX, gold futures for June 2017 contract ended at Rs 28810 per 10 grams, up by 0.24 per cent, after opening at Rs 28,705 against a previous close of Rs 28,741. It touched the intra-day high of Rs 28,880.

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Suhani Verma

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