Free Intraday Tips : Join Our Whatsapp No : 9841986753
Free Commodity Tips : Join our Whatsapp No : 9094047040
Gold futures closed higher in the domestic market on Thursday as the dollar gained on the combination of inaction on interest rates from the European Central Bank and relatively hawkish comments from Federal Reserve chief Janet Yellen. The U.S. dollar began to climb on Thursday after Yellen said she expects Fed-controlled interest rates to rise “a few times a year” through 2019. She also said the central bank was nearing its goals for inflation and employment and that it “makes sense” to reduce the central bank’s level of monetary support. Higher interest rates tend to dull demand for gold which doesn’t bear a yield. At the MCX, gold futures for February 2017 contract ended at Rs 28571 per 10 grams, down by 0.76 per cent, after opening at Rs 28,646 against a previous close of Rs 28,791. It touched the intra-day low of Rs 28,460.
