Yellow metal loses sheen on global cues

Yellow metal loses sheen on global cues

30/11/2016 16:18

Gold futures fell during evening trade in the domestic market on Wednesday as investors and speculators exited their positions in the precious metal on looming worries over an imminent interest rate hike by the US Fed in December on expectations of improving economic growth.

The US Fed is widely expected to raise interest rates in December, which could boost the US dollar, making commodities more expensive for non-US buyers.

At the MCX, gold futures for December 2016 contract is trading at Rs 28618 per 10 grams, down by 0.50 per cent, after opening at Rs 28740, against a previous close of Rs 28762. It touched the intra-day low of Rs 28557 (at 16:07 hours).

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