Yellow Metal Loses Shine On Weak Global Cues

Gold futures were trading lower during afternoon trade in the domestic market on Tuesday as investors and speculators exited their positions in the precious metal on fall in safe-haven demand despite weakness in the US dollar after Chicago Fed President Charles Evans reinforced the perception that the US central bank won't accelerate the pace of its interest rate hikes.

The greenback hurt after the Fed's Evans on Monday repeated the central bank's call for two more interest rate increases this year. At the MCX, gold futures for April 2017 contract is trading at Rs 28398 per 10 grams, down by 0.38 per cent, after opening at Rs 28450, against a previous close of Rs 28505. It touched the intra-day low of Rs 28392.

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Suhani Verma

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