Gold Rises on Dip in US Stocks

Posted By: Religare
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Gold futures closed higher in the domestic market on Monday as investors retreated somewhat from purchasing assets perceived as risky, like global stocks.

Gold Rises on Dip in US Stocks

Metals, currencies and interest-rate markets appeared to consolidate levels after a volatile week that accompanied waning confidence for economy-boosting U.S. tax reform. U.S. stocks struggled to gain traction amid the tax uncertainty, and this was mildly beneficial to haven gold.

At the MCX, gold futures for December 2017 contract ended at Rs 29588 per 10 grams, up by 0.33 per cent, after opening at Rs 29,482 against a previous close of Rs 29,491. It touched the intra-day high of Rs 29,624.

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