Gold futures closed lower in the domestic market on Wednesday as the Federal Reserve stood pat on interest rates, as expected, and offered few clues on the central bank’s next move.
Prices for the metal declined for the session as the dollar strengthened after healthy U.S. economic reports, including a better-than-expected snapshot of private-sector hiring, which some saw as lifting the odds of a series of interest-rate hikes from the Fed.
At the MCX, gold futures for February 2017 contract ended at Rs 28843 per 10 grams, down by 0.34 per cent, after opening at Rs 28,873 against a previous close of Rs 28,942. It touched the intra-day low of Rs 28,800.
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Prices for the metal declined for the session as the dollar strengthened after healthy U.S. economic reports, including a better-than-expected snapshot of private-sector hiring, which some saw as lifting the odds of a series of interest-rate hikes from the Fed.
At the MCX, gold futures for February 2017 contract ended at Rs 28843 per 10 grams, down by 0.34 per cent, after opening at Rs 28,873 against a previous close of Rs 28,942. It touched the intra-day low of Rs 28,800.
Read More - Gold updates
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