Gold Down On US Rate Hike Expectation

Gold futures closed lower in the domestic market on Tuesday stressed by expectations for a U.S. interest-rate increase as early as this month, but with uncertainty surrounding a wide swath of geopolitics helping to limit any losses for the safe-haven asset. 

Traditionally, higher Fed interest rates can make the U.S. dollar strengthen, weighing on prices for gold, which is primarily traded in the greenback.

At the MCX, gold futures for April 2017 contract ended at Rs 28721 per 10 grams, down by 0.77 per cent, after opening at Rs 28,941 against a previous close of Rs 28,945. It touched the intra-day low of Rs 28,721.

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Suhani Verma

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