Gold dips on possibility of another rate hike
05/01/2017 08:42
Gold futures closed lower in the domestic market on Wednesday as Fed officials saw the possibility that they might have to raise interest rates faster than the “gradual” pace that they have stressed for some time. At the Dec. 14 meeting, the Fed had unanimously voted to raise its federal-funds range by a quarter-percentage point, its second rate increase in a decade.
Higher interest rates can be a negative for gold, which tends to benefit from looser monetary policy.
At the MCX, gold futures for February 2017 contract ended at Rs 27685 per 10 grams, down by 0.33 per cent, after opening at Rs 27,685 against a previous close of Rs 27,778. It touched the intra-day low of Rs 27,657.
05/01/2017 08:42
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Higher interest rates can be a negative for gold, which tends to benefit from looser monetary policy.
At the MCX, gold futures for February 2017 contract ended at Rs 27685 per 10 grams, down by 0.33 per cent, after opening at Rs 27,685 against a previous close of Rs 27,778. It touched the intra-day low of Rs 27,657.
