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commodity-update

COMMODITY MARKET UPDATES FOR OCT 20, 2016

Gold futures closed higher in the domestic market on Wednesday as the U.S. dollar continued to trade off multimonth highs hit earlier this month on the back of a drop in monthly domestic housing starts. The downbeat economic data could dull prospects for an interest-rate increase by the Federal Reserve before the year is up which may help gold rise. At the MCX, gold futures for December 2016 contract ended at Rs 29908 per 10 grams, up by 0.41 per cent, after opening at Rs 29,779, against a previous  close of Rs 29,786. It touched the intra-day high of Rs 29,995.

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