Gold futures ended lower in the domestic and overseas market on Monday as investors and speculators exited positions in the precious metal as a stronger dollar curbed the lure for the bullion as an alternative asset.
A top official from the US Federal Reserve said that an April interest rate hike maybe justified, dimming the appeal of the yellow metal as a store of value.
Atlanta Fed President Dennis Lockhart said that he sees continued improvement in the US job market and that the Fed’s 2 per cent inflation goal seemed likely in the medium term, while stressing that monetary policy remains on a gradual path of rate hikes as he called for further tightening of borrowing costs as early as next month. Read More - Mcx Tips
Further, Chinese policymakers over the weekend offered some assurance over the country’s economic outlook, eroding the safe haven appeal of the bullion.
Gold may extend losses today on renewed fears of a US rate hike in the near-term and amid caution ahead of US factory data.
At the MCX, Gold futures for April 2016 contract closed at Rs 28,941 per 10 gram, down by 0.65 per cent after opening at Rs 29,100, against the previous closing price of Rs 29,131. It touched the intra-day low of Rs 28,820.
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