Gold dips on Fed rate hike possibility
22/09/2017
Gold futures closed lower in the domestic market on Thursday after the U.S. Federal Reserve hinted that interest rates will go up in December.The Fed also announced it will slowly shrink its huge, economy-boosting $4.5 trillion balance sheet starting in October. Higher U.S. interest rates make other assets — such as bonds — more attractive relative to gold, which doesn’t yield any interest. Higher rates also typically boost the dollar, making dollar-priced gold less attractive to investors using another currency.At the MCX, gold futures for October 2017 contract ended at Rs 29560 per 10 grams, down by 0.72 per cent, after opening at Rs 29,555 against a previous close of Rs 29,774. It touched the intra-day low of Rs 29,443.
22/09/2017
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