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Gold futures closed higher in the domestic market on Monday on the back of a decline in the U.S. dollar and uncertainty for trade and economic growth at the start of Donald Trump’s presidency.
In addition to its haven status, gold tends to move inversely to the dollar because a stronger greenback can make commodities pegged to the buck, including metals, more expensive to buyers using other monetary units.
At the MCX, gold futures for February 2017 contract ended at Rs 28804 per 10 grams, up by 0.63 per cent, after opening at Rs 28,650 against a previous close of Rs 28,625. It touched the intra-day high of Rs 28,857.
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In addition to its haven status, gold tends to move inversely to the dollar because a stronger greenback can make commodities pegged to the buck, including metals, more expensive to buyers using other monetary units.
At the MCX, gold futures for February 2017 contract ended at Rs 28804 per 10 grams, up by 0.63 per cent, after opening at Rs 28,650 against a previous close of Rs 28,625. It touched the intra-day high of Rs 28,857.
