Gold prices hit 1-week high as dollar weakens

Gold prices jumped as the dollar weakened post dovish remarks from the US Federal Reserve Chairman Jerome Powell, which hinted at a potential interest rate cut later this month.

Jul 11, 2019 10:07 IST India Infoline News Service

Gold prices rose 0.57 per cent to Rs 35,036/10g in futures trade on Thursday on fresh positions in domestic markets.

On the MCX, gold for delivery in August contracts traded higher by Rs197 or 0.57% to Rs 35,036/10g in a business turnover of 18,207 lots.

Gold prices jumped as the dollar weakened post dovish remarks from the US Federal Reserve Chairman Jerome Powell which hinted at a potential interest rate cut later this month.

Lower interest rates reduce the opportunity cost of holding nonyielding bullion and drag the dollar, making gold cheaper for investors holding other currencies.

 

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