Gold Rises as US Equity Weakens

Posted By: Religare
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Gold futures closed higher in the domestic market on Friday as the U.S. dollar weakened and equities dropped in the wake of news that former national security adviser Michael Flynn pleaded guilty to lying to the FBI.

Gold Rises as US Equity Weakens

The news raised concerns over further upheaval in President Donald Trump's administration. The Flynn news caused a sharp rise in risk aversion with stocks and the dollar going down, boosting the appeal of safe-haven gold.

At the MCX, gold futures for December 2017 contract ended at Rs 29239 per 10 grams, up by 0.78 per cent, after opening at Rs 29,099 against a previous close of Rs 29,012. It touched the intra-day high of Rs 29,269.

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