Yellow Metal Loses Shine On Global Cues

Gold futures were trading lower during afternoon trade in the domestic market on Thursday on fading safe-haven demand despite weakness in the greenback on the back of receding risk aversion in Europe and hawkish language from the US Federal Reserve.The dollar slide post the US President Donald Trump dismissed FBI Director Comey.

Boston Fed President Eric Rosengren said on Wednesday that, the Fed should hike interest rates 3 more times this year. At the MCX, gold futures for June 2017 contract is trading at Rs 27942 per 10 grams, down by 0.19 per cent, after opening at Rs 27984, against a previous close of Rs 27996. It touched the intra-day low of Rs 27940 (at 14:02 hours).

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Suhani Verma

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