Stock Market News : Gold futures ended lower in the domestic market on Wednesday as the US Federal Reserve moved closer to undertaking the maiden interest rate lift-off since 2006 even as it signaled a more gradual pace of subsequent monetary tightening. The Fed, which kept its key interest rate unchanged near zero signaled strong progress in the labour market since its last meet in April with new forecasts pointing to a two-quarter-point rate rise in 2015, dimming the lure for the bullion as a store of value. The world’s top central bank said that it will be extremely patient in raising interest rates over the next two and a half years, as it signaled slower than anticipated rate hikes in 2016. Meanwhile, a weaker dollar boosted the demand for Gold as an alternative asset. Weaker greenback makes Gold cheaper for those holding other currencies, thus bolstering demand, trimming losses in the Bullion. Meanwhile, traders continued to eye events in Greece with Europe insisting on the country to undertake spending cuts worth 2 billion euro in order to secure further aid before the loan-repayment deadline expires in late June. Gold may fall steeper today as the Fed signaled a rate hike this year.
At the MCX, Gold futures for June 2015 contract ended at Rs 26,880/10 gram, down by 0.28 after opening at Rs 26,919, against the last closing price of Rs 26,956. It touched the intra-day low of Rs 26,803 till the closing.
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