Gold Updates – Gold Gains 0.70 pct On Weak Greenback
Gold prices rose by 0.70 per cent on Wednesday as investors continued to monitor movements in the US dollar. The greenback fell as investors locked in gains following its steep rise after continued comments about possible intervention by the Japanese government. Dollar weakness usually benefits gold, as it boosts the metal’s appeal as an alternative asset and makes dollar-priced commodities cheaper for holders of other currencies. Gold futures for June 2016 contract, at MCX, were trading at Rs. 29,992 per 10 grams, up by 0.70 per cent after opening at Rs. 29,901 against the previous closing price of Rs. 29,783. It touched the intra-day high of Rs. 30,020 till the trading.
Prices rose amid indications the Federal Reserve will take a slow and cautious approach to raising interest rates this year.
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