Gold up on weak US dollar

Posted By: Religare
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Gold futures closed higher in the domestic market on Wednesday with the U.S. dollar taking a turn lower as comments from President-elect Donald Trump fueled uncertainty in financial markets.

Gold up on weak US dollar

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 28291 per 10 grams, up by 0.52 per cent, after opening at Rs 28,158 against a previous close of Rs 28,144. It touched the intra-day high of Rs 28,385.

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