Gold rises on cooler than expected US inflation rate 16/10/2017

Gold rises on cooler than expected US inflation rate
16/10/2017
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Gold futures closed higher in the domestic market on Friday after a reading on U.S. inflation came in cooler than expected, raising uncertainty about the pace of U.S. interest-rate hikes by the Federal Reserve. There are many triggers for gold, including the mix of economic data showing uncertainty of future growth to inflation, which would push the [Federal Reserve] to raise rates in a slower sequence. The market is questioning the future rate increase amounts and thus the stage is being set up for a much larger gold rally in the months to year ahead. At the MCX, gold futures for December 2017 contract ended at Rs 29849 per 10 grams, up by 0.12 per cent, after opening at Rs 29,805 against a previous close of Rs 29,814. It touched the intra-day high of Rs 29,868.

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