Gold on MCX settled up 1.52% at 28411 after the U.S. central bank signaled only gradual rate tightening and the dollar slid to its lowest in five weeks. The dollar index hit a five-week low on Thursday after the Fed raised U.S. interest rates as expected, but did not flag any plans to accelerate the pace of monetary tightening as some had anticipated.
Silver
Silver on MCX settled up 1.38% at 40598 amid a slump in dollar, as investors mulled over the Fed’s more dovish than expected statement on the pace of rate hikes this year. The Federal Reserve stuck a familiar tone in its statement on Wednesday, pointing out that interest rate increases “will be gradual” in 2017, and maintained its view of three rate hikes, with the remaining two rate hikes expected later this year.Silver gained amid a slump in dollar, as investors mulled over the Fed’s more dovish than expected statement on the pace of rate hikes this year.
Natural gas
Natural gas on MCX settled down -1.74% at 192 as trader book there long positions as the Energy Department’s report on the nation’s commercial gas inventories disappointed traders. The Energy Information Administration said gas stocks dropped by 53 billion cubic feet last week, edging down to 2.24 trillion cubic feet. While market had believed U.S. natural gas inventories would fall by as much as 72 billion cubic feet.
Natural gas turned lower after data showed that natural gas supplies in storage in the U.S. fell less than expected last week.
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