Yellow metal loses shine on profit-booking

Yellow metal loses shine on profit-booking

08/02/2017 14:06

Gold futures were trading lower during afternoon trade in the domestic market on Wednesday as investors and speculators indulged in profit booking in the precious metal as safe-haven demand faded, tracking a weak trend overseas.

Meanwhile, fading expectations of further Fed interest rate-hike in the near-term, leading to lower US Treasury bond yields, is also underpinning demand for gold.

However, immediate focus would remain on the awaited decision in the federal court over Trump’s executive order on immigration, which will is likely to have a big impact on gold and the US dollar.

At the MCX, gold futures for April 2017 contract is trading at Rs 29,295 per 10 grams, down by 0.13 per cent, after opening at Rs 29311, against a previous close of Rs 29332. It touched the intra-day low of Rs 29241 (at 13:58 hours).

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