Gold futures closed higher in the domestic market on Friday as the dollar fell on disappointment that President-elect Donald Trump didn’t provide details on his economic plans at a closely watched news conference.
Gold is inversely influenced by moves in the dollar, as strength in the greenback makes assets priced in the currency, including most gold on the global markets, more expensive to buyers using other monetary units.
At the MCX, gold futures for February 2017 contract ended at Rs 28398 per 10 grams, up by 0.02 per cent, after opening at Rs 28,360 against a previous close of Rs 28,393. It touched the intra-day high of Rs 28,440.
Gold is inversely influenced by moves in the dollar, as strength in the greenback makes assets priced in the currency, including most gold on the global markets, more expensive to buyers using other monetary units.
At the MCX, gold futures for February 2017 contract ended at Rs 28398 per 10 grams, up by 0.02 per cent, after opening at Rs 28,360 against a previous close of Rs 28,393. It touched the intra-day high of Rs 28,440.
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