Gold Dips As Investors Book Profit

Gold futures closed lower in the domestic market on Friday as investors booked some of the yellow metal’s strong pre-Thanksgiving gain.

The commodity unhinged from its typically relationship with the dollar, which extended its slump in the wake of Federal Reserve signals for a cautious approach to interest-rate tightening next year. Gold and the dollar typically trade inversely as moves in the U.S. unit can influence the attractiveness of commodities to holders of other currencies.

At the MCX, gold futures for December 2017 contract ended at Rs 29368 per 10 grams, down by 0.24 per cent, after opening at Rs 29,507 against a previous close of Rs 29,439. It touched the intra-day low of Rs 29,367.

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Suhani Verma

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