Gold Dips As US Fed Raises Interest Rates

Gold futures closed lower in the domestic market on Thursday as the Federal Reserve raised interest rates and sounded determined to hike again this year.

The precious metal often drops when rates rise, as some investors back away from the metal because it doesn’t pay interest. Fed Chairwoman Janet Yellen and her colleagues laid out a plan to shrink the central bank’s massive $4.5 trillion balance sheet starting this year, as they raised a key U.S. interest rate.

At the MCX, gold futures for August 2017 contract ended at Rs 28754 per 10 grams, down by 0.95 per cent, after opening at Rs 28,950 against a previous close of Rs 29,030. It touched the intra-day low of Rs 28,705.

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Suhani Verma

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