Yellow Metal Shines As Dollar, Equities Slip

Gold futures were trading higher during afternoon trade in the domestic market on Tuesday as investors and speculators extended their positions in the precious metal on boosting safe-haven appeal of bullion as Asian equities and the greenback weakened ahead of the UK’s election and the European Central Bank’s (ECB’s) meeting scheduled for Thursday. Besides, James Comey, former Chief of the US Federal Bureau of Investigation (FBI), is due to appear before a Senate committee for the first time on Thursday.
He was fired by the US President Trump last month, while leading a probe into alleged Russian meddling in last year’s US selection. At the MCX, gold futures for August 2017 contract is trading at Rs 29425 per 10 grams, up by 0.71 per cent, after opening at Rs 29280, against a previous close of Rs 29217. It touched the intra-day high of Rs 29445 (at 14:10 hours).
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Author: ways2capital

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