Gold down on slowdown in demand 05/05/2017

Gold down on slowdown in demand
05/05/2017

Gold futures closed lower in the domestic market on Thursday pressured by a report showing a slowdown in demand for the precious metal a day after the Federal Reserve signaled confidence in the U.S. economy.The market is still positioned for higher prices but the lure of the equity bull is becoming irresistible for traders.At the MCX, gold futures for June 2017 contract ended at Rs 28055 per 10 grams, down by 1.46 per cent, after opening at Rs 28,371 against a previous close of Rs 28,472. It touched the intra-day low of Rs 28,020.

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