Gold Up On Easing Dollar Demand

Gold futures closed higher in the domestic market on Thursday as the dollar extended its decline. The closely watched dollar index traded lower as gold prices closed, lessening the currency-related headwind for commodities priced in the currency, including gold. A stronger dollar tends to make assets pegged to the buck more expensive to buyers using other monetary units.

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.

At the MCX, gold futures for August 2017 contract ended at Rs 28609 per 10 grams, up by 0.15 per cent, after opening at Rs 28,623 against a previous close of Rs 28,567. It touched the intra-day high of Rs 28,629.

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Suhani Verma

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