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Commodity Market important Updates for 14 July 2017

Commodity Market important Updates for 14 July 2017

Gold futures closed lower in the domestic market on Thursday with the dollar gaining ground against most currency rivals and U.S. equities trading mostly higher after Federal Reserve Chairwoman Janet Yellen offered a second day of congressional testimony on monetary policy. Gold prices have been posting gains since a solid U.S. jobs report issued late last week, which backed the argument for higher interest rates although likely not at a more aggressive pace than the go-slow approach the Fed has signaled. Still, the prospect for gold-negative interest-rate hikes had sent the yellow metal to their lowest level in about four months last week. Rising real interest rates low the attractiveness of holding gold because the metal provides no yield, and entices investors to rotate into riskier assets like stocks. Higher rates may also boost the value of the dollar which usually moves in the opposite direction of the gold price. Gold futures for Aug 2017 contract ended at Rs 27845 per 10 grams, down by 0.02 %, after opening at Rs 27,950 against a previous close of Rs 27,851. It touched the intra-day lower of Rs 27,812. Silver futures closed low in the domestic market today as participants engaged in trimming their positions taking weak cues from global market. Marketmen attributed the fall in silver prices at futures trade to a weak trend in the precious metals overseas and profit-booking by participants at existing levels. White metal futures for Sept 2017 contract closed at Rs 36,571 per kg, downward by 1.07 %, after opening at Rs 37,055, against a previous close of Rs 36,968. It touched the intra-day lower...
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