Gold Dips On US Rate Hike Expectation

Gold futures closed lower in the domestic market on Wednesday pressured by rising U.S. interest-rate hike expectations.

Prices briefly climbed, then eased back after minutes from the Federal Reserve’s May policy meeting appeared to show that the majority of the central bank’s officials remain resolute about hiking rates at their meeting in June, which is widely expected.

At the MCX, gold futures for June 2017 contract ended at Rs 28710 per 10 grams, down by 0.35 per cent, after opening at Rs 28,750 against a previous close of Rs 28,811. It touched the intra-day low of Rs 28,645.

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Suhani Verma

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