Gold Dips On US Rate Hike Expectation

Gold futures closed lower in the domestic market on Thursday as a robust snapshot of private-sector hiring provided support for the dollar and backed expectations for a U.S. interest-rate hike later this month—souring investor appetite for the yellow metal a day ahead of the much-anticipated May jobs report.

The payrolls report due Friday is largely expected to include strong enough numbers that would all but confirm the Federal Reserve’s willingness to raise interest rates in two weeks, as the central bank has signaled in member speeches.

At the MCX, gold futures for June 2017 contract ended at Rs 28630 per 10 grams, down by 0.74 per cent, after opening at Rs 28,770 against a previous close of Rs 28,843. It touched the intra-day low of Rs 28,550.

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Suhani Verma

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