Gold Dips As US Fed Signal Another Rate Hike

Gold futures closed lower in the domestic market on Friday in the wake of signals from the Federal Reserve for another increase to interest rates this year, sending the yellow metal down.

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 28680 per 10 grams, down by 0.31 per cent, after opening at Rs 28,770 against a previous close of Rs 29,768. It touched the intra-day low of Rs 28,675.

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Suhani Verma

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