Gold rises on dipping dollar 21/09/2017

Gold rises on dipping dollar

Gold futures closed higher in the domestic market on Wednesday but pulled back in electronic trading in the US after a statement from U.S. Federal Reserve pointed to one more interest-rate hike this year.Prices for the yellow metal had gained for the session as the dollar dipped and U.S. equities paused their run to fresh records. But the greenback strengthened, putting pressure on dollar-denominated gold in the wake of the Fed’s statement, which came after gold futures prices settled for the session.At the MCX, gold futures for October 2017 contract ended at Rs 29774 per 10 grams, up by 0.52 per cent, after opening at Rs 29,693 against a previous close of Rs 29,621. It touched the intra-day high of Rs 29,799.

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