Published on 20/03/2017 2:32:34 PM | Source: Dion Global Solutions Ltd.

Gold glitters on dollar weakness

Posted in Commodities| #Gold #MCX #Commodity

Gold futures were trading higher during afternoon trade in the domestic market on Monday as investors and speculators extended their positions in the precious metal on rising safe-haven demand due to weakness in the US dollar due to the Fed's conservative guidance on the path of rate hikes this year.

Also, traders waited for a packed week of Fed messaging with many different policy makers set to speak, including Fed Chair Janet Yellen on Thursday, too influenced sentiment. At the MCX, gold futures for April 2017 contract is trading at Rs 28,564 per 10 grams, up by 0.19 per cent, after opening at Rs 28,550, against a previous close of Rs 28,509. It touched the intra-day high of Rs 28,599 (at 13:08 hours).