Gold futures closed lower in the domestic market on Thursday as the U.S. dollar regained its footing above a key technical level and equities traded mostly higher, drawing some investor attention away from the precious metal.
A stronger dollar can weigh on commodities priced in the currency, making them less attractive to purchasers using other monetary units. Metals extended losses after a pair of economic reports: jobless claims and a revised reading of gross domestic product.
At the MCX, gold futures for April 2017 contract ended at Rs 28520 per 10 grams, down by 0.64 per cent, after opening at Rs 28,695 against a previous close of Rs 28,703. It touched the intra-day low of Rs 28,501.