Gold futures closed lower in the domestic market on Thursday as the dollar strengthened against the euro after a European Central Bank decision to pare its bond-buying program.
Gold remains confined to relatively tight trading ranges. The commodity has been sensitive to central-bank policies, with the ECB’s moves sparking a rally in the dollar, weighing on dollar-priced assets. Next week’s Federal Reserve policy meeting also could influence precious metals.
Gold has been tracking the dollar and Treasury yields ahead of these interest-rate policy decisions.
At the MCX, gold futures for February 2017 contract ended at Rs 27751 per 10 grams, down by 0.57 per cent, after opening at Rs 27,911 against a previous close of Rs 27,911. It touched the intra-day low of Rs 27,750.
Gold remains confined to relatively tight trading ranges. The commodity has been sensitive to central-bank policies, with the ECB’s moves sparking a rally in the dollar, weighing on dollar-priced assets. Next week’s Federal Reserve policy meeting also could influence precious metals.
Gold has been tracking the dollar and Treasury yields ahead of these interest-rate policy decisions.
At the MCX, gold futures for February 2017 contract ended at Rs 27751 per 10 grams, down by 0.57 per cent, after opening at Rs 27,911 against a previous close of Rs 27,911. It touched the intra-day low of Rs 27,750.
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