Gold Rises on Drop in US Dollar

Posted By: Religare
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Gold futures closed higher in the international market on Friday buoyed by drop in the dollar to a three-week low.

Gold Rises on Drop in US Dollar

The moves for gold and the greenback, which often trade inversely as moves in the U.S. unit can influence the attractiveness of gold to holders of other currencies, came on the heels of a speech by U.S. Federal Reserve Chairwoman Janet Yellen that didn't offer clues on the central bank's monetary policy investors hoped for.

At the MCX, gold futures for October 2017 contract ended at Rs 29162 per 10 grams, up by 0.22 per cent, after opening at Rs 29,096 against a previous close of Rs 29,099. It touched the intra-day high of Rs 29,224.

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