Gold rises on weak US dollar

Posted By: Religare
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Gold futures closed higher in the domestic market on Monday as investors and speculators extended their positions in the precious metal as safe-haven demand increased on weaker US dollar after Fed kept interest rates steady.

Gold rises on weak US dollar

The metal has been benefiting from a retreat by the dollar, as a weaker buck makes dollar-denominated commodities less expensive for holders of other currencies.

At the MCX, gold futures for April 2017 contract ended at Rs 29186 per 10 grams, up by 0.96 per cent, after opening at Rs 28,950 against a previous close of Rs 28,909. It touched the intra-day high of Rs 29,220.

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