Gold futures were trading in the red during late morning trade in the domestic market on Wednesday as investors and speculators resorted to a cautious stance amidst heightened speculation that the US Federal Reserve may raise interest rates as early as this month as the world’s biggest economy shows more signs of improvement, dimming the appeal of the yellow metal as a store of value.
US household spending grew the most in nearly seven years, up by 1 per cent in April after being little changed in March, data showed on Tuesday, bolstering the case for higher borrowing costs.
At the MCX, Gold futures for June 2016 contract is trading at Rs 28,595 per 10 gram, down by 0.11 per cent after opening at Rs 28,611, against the previous closing price of Rs 28,627. It touched the intra-day low of Rs 28,480.
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