Gold Dips As Fed Hikes Interest Rates

Gold futures closed lower in the domestic market on Wednesday following the Federal Reserve’s decision to increase interest rates, as expected.

Expectations for higher rates had already been generally dollar-positive and gold-negative as a richer buck makes gold less attractive to investors using another currency.

At the MCX, gold futures for April 2017 contract ended at Rs 27979 per 10 grams, down by 0.35 per cent, after opening at Rs 28,054 against a previous close of Rs 28,076. It touched the intra-day low of Rs 27,907.

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Suhani Verma

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