Yellow metal loses shine on Fed rate hike expectations

Yellow metal loses shine on Fed rate hike expectations

07/03/2017 13:02

Gold futures were trading lower during afternoon trade in the domestic market on Tuesday as investors and speculators exited their positions in the precious metal on muted safe-haven demand on hopes of a US Fed interest rate hike in March and ahead of the key economic data due later in the week.

The US monthly jobs report due to be released on Friday. Also, investors are expecting that the US Federal Reserve will raise interest rates at its upcoming policy meeting on March 14-15.

At the MCX, gold futures for April 2017 contract is trading at Rs 28910 per 10 grams, down by 0.12 per cent, after opening at Rs 28941, against a previous close of Rs 28945. It touched the intra-day low of Rs 28899 (at 12:58 hours).

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s