Gold up on weak dollar
03/08/2016 08:55
Gold futures closed higher in the international market on Tuesday as investors and speculators booked fresh positions in the yellow metal as a weaker dollar bolstered the lure for the bullion as an alternative asset. Weaker dollar makes the precious metal cheaper for those holding other currencies, thus boosting gold demand. Further, soft US economic data raised speculation that the US Federal Reserve may hold off further tightening of interest rates in the near-term, bolstering the lure for gold as a store of value.
03/08/2016 08:55
Gold futures closed higher in the international market on Tuesday as investors and speculators booked fresh positions in the yellow metal as a weaker dollar bolstered the lure for the bullion as an alternative asset. Weaker dollar makes the precious metal cheaper for those holding other currencies, thus boosting gold demand. Further, soft US economic data raised speculation that the US Federal Reserve may hold off further tightening of interest rates in the near-term, bolstering the lure for gold as a store of value.
