Gold Dips On Strong US Employment Data

Gold futures closed lower in the domestic market on Wednesday after a reading of private-sector employment came in stronger than expected, steering buying to assets perceived as risky such as stocks.

Also, the minutes indicated that the Fed is likely to start shrinking its balance sheet this year in line with its tighter monetary-policy regime. Higher rates tend to strengthen the dollar which in turn makes assets priced in the U.S. currency more expensive.

At the MCX, gold futures for April 2017 contract ended at Rs 28670 per 10 grams, down by 0.67 per cent, after opening at Rs 28,860 against a previous close of Rs 28,862. It touched the intra-day high of Rs 28,890.

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Suhani Verma

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