Yellow metal in reverse gear on global cues

Yellow metal in reverse gear on global cues

20/02/2017 14:13

Gold futures were trading lower during afternoon trade in the domestic market on Monday as investors and speculators exited their positions in the precious metal as safe-haven demand faded on rise in the US dollar against a basket of other currencies.

The greenback rose ahead of a clutch of speeches from US Fed officials this week for clues on the timing of possible interest rate hikes. At least 5 Federal Reserve officials are due to speak, while Fed Board Governor Jerome Powell appears on Wednesday.

Meanwhile, Cleveland Fed chief Loretta Mester said on Monday that she would be comfortable raising interest rates at this point if the economy kept performing the way it did.

At the MCX, gold futures for April 2017 contract is trading at Rs 29,240 per 10 grams, down by 0.41 per cent, after opening at Rs 29251, against a previous close of Rs 29360. It touched the intra-day low of Rs 29195 (at 14:05 hours).

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